Shanghai copper continues to rise The macro atmosphere affects the price trend

London copper has been strong this week
.
The average price of LME copper in the first four trading days was 8038 US dollars / ton, up 104.
5 US dollars / ton per day; Last week's average price was $7,798/ton, up 3.
08%
from the previous month.

According to data from the China Internet of Things, the global manufacturing PMI remained above
the boom-dry line for six consecutive months.
China's manufacturing sector has generally maintained a steady recovery, eurozone factories have become a key support for the economy, and US manufacturing data has improved
for several months.
The dust has settled in the US election this week, and expectations for further fiscal stimulus and infrastructure construction spending in the United States are optimistic, the macro atmosphere is generally warm, and the market risk appetite has increased
.

In terms of inventory, in the week of January 8, domestic spot copper prices continued to rise
.
The average price of Yangtze River nonferrous metal network 1# copper was 59034 yuan / ton, up 480 yuan / ton per day, and up 4.
14% on a weekly basis; The average price of the previous week was 58,365 yuan / ton, up 669 yuan / ton compared with last week, up 1.
15%
from the previous week.

Shanghai copper stocks fell again this week, falling by 4,337 tons, or 5.
00
%, to 82,342 tons.
Inventories accumulated in the previous two weeks, but this week inventories fell again, while the total global explicit inventory remains at a low level
.
At the end of the year, there are signs of impulse in domestic smelters, but the end market performance is better, power grid investment remains stable, and the prosperity of the automotive industry continues to recover
.
Driven by the policy, the new energy automobile industry has entered an accelerated stage, which is expected to drive the growth
of copper consumption.

Overall, the global copper concentrate maintained a tight pattern, the total inventory remained at a low level, the end market performed well, the global manufacturing industry continued to recover, the United States may introduce further stimulus measures, copper prices climbed
sharply this week.
The current fundamental support is limited, the macro atmosphere affects the trend, and copper prices are expected to fluctuate
at a high level next week.