Shanghai copper extends its rally and is expected to fluctuate strongly in the short term

In the external market, Apanlun copper rushed back down, and the latest quotation of London copper at 15:15 Beijing time was 6283.
5 US dollars / ton, down 11.
5 US dollars, or 0.
18%.

In terms of the market, the price of domestic spot copper rose, and the price of Yangtze River spot 1# copper was 50970 yuan / ton, up 350 yuan, and the discount was 20 - discount 0; Shanghai spot 1# copper price was 50910 yuan / ton, up 425 yuan / ton
.
In the spot market, the decline rate of holders was suspended, traders continued to show caution, downstream consumption capacity was limited, and transactions were mainly based on traders closing low-priced sources
.

In terms of industry, the chairman of Chile's state-owned company Codelco said that China's demand for copper has been so strong in the past few months that Codelco has almost sold out next year's copper supply ahead of schedule, and mining companies and investors have growing confidence in copper due to limited copper supply and declining global inventories
.

During the day, Shanghai copper showed a trend of rushing higher and falling, and the main contract closed at 50770 points, up 0.
93%.

After breaking through the three-month high during the session, the shock retreated, indicating that there is still selling pressure above, and the good copper in the spot area turned to the water today, and the upward momentum has weakened
.
The weakening of the US dollar, the depreciation of the RMB and the continuous reduction in inventories have brought some support to copper prices, and it is expected that the short-term trend will fluctuate strongly, focusing on the 51,000-point pressure level, mainly selling
highs.