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On Friday, Shanghai copper opened high and volatile overnight, continuing the strong volatility pattern during the day, closing up 1.
76%, after the gap was repaired
.
The atmosphere of the peripheral market is empty, but there is an expectation of improvement in domestic demand, and the overall industrial side is still supported, and Shanghai copper stopped falling and rebounded
.
The ADP employment data, known as the "small non-farmer", recorded an increase of 2.
35 million, which greatly exceeded market expectations, the growth of the labor market was surprising, the dollar index rebounded sharply, hitting a four-week high, and U.
S.
stocks fell, and the market's risk appetite was still not optimistic
.
However, Shanghai copper has fallen to a two-month low, triggering a replenishment and repairing the gap
.
Macro market, US labor market data firm, Fed officials reiterated hawkish stance
.
The central bank and the China Banking and Insurance Regulatory Commission established the first set of dynamic adjustment mechanism for housing loan interest rate policies, and the steady growth policy of the real estate industry continued to land, triggering market expectations
for demand improvement.
Copper end disturbances have remained high recently, and Chile saw a marked decline in copper production in November
.
Satellite monitoring data from metal smelters released on Thursday showed that global copper smelting activity fell in December, with smelters shutting down for maintenance
after a year of downturn.
At present, although the domestic copper concentrate processing fee has fallen, it is still in a high position, and the release of refined copper is still limited by the tight supply of crude copper and cold material
.
Downstream demand is in the off-season and remains light
.
Copper inventories on exchanges have accumulated overall, but they are still modest
.
In terms of the market, Shanghai Metal Network 1# electrolytic copper quotation 65120-65320 yuan / ton, the average price of 65220 yuan / ton, up 960 yuan / ton from the previous trading day, the Shanghai copper 2301 contract up 30-liter 80 yuan / ton
.
Spot market trading was weak, and premiums were unchanged
from yesterday.
Downstream consumption did not improve during the day, spot premium remained weak, intraday flat water copper was the lowest heard rise of 30 yuan, good copper was heard to rise 60 yuan or so, wet copper and poor copper were rare
.
As of the close, the network reported 60-liter copper liter 80 yuan / ton, flat water copper reported 30-liter 60 yuan / ton, and poor copper newspaper 30-liter 20 yuan / ton
.
In terms of consumption, it is currently entering the seasonal consumption off-season, and the spot market transaction is weak, considering that some enterprises still have the stock demand for long-term order delivery before the holiday, consumption may maintain some resilience
.
Although bonded has accumulated stocks, window closure is not conducive to inflow into supplementary supply, the current inventory base is still low, it is expected to have weak support for copper prices, and the price decline is expected to be limited
.
