Shanghai copper fluctuates low and market sentiment is cautious

During the Asian session, London copper was weak and volatile, and the latest quotation at 15:01 Beijing time was 9452 US dollars / ton, down 13 US dollars, or 0.
13%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 68940 yuan / ton, down 710 yuan, discount 20-liter 40; Guangdong spot 1# copper price was reported at 69020 yuan / ton, down 670 yuan / ton; Yangtze River spot 1# copper 69010 yuan / ton, down 690 yuan, premium 60-liter 100; Shanghai spot 1# copper price was 68845 yuan / ton, down 715 yuan
.

In the spot market, holders continue to ship for cash, downstream on-demand stocking, quiet trading, and overall active transactions
.
Copper inventories of the LME have accumulated continuously, coupled with the upcoming Fed interest rate decision, market sentiment is cautious, putting pressure on copper prices, while spot premiums continue to decline, and copper prices weaken
.

On December 13, 2021, the Ministry of Health of Panama reported a severe outbreak at the Cobre Panama copper mine owned by First Quantum, the largest open-pit copper in Central America, and according to official information, authorities found "123 active cases" in mining projects, "of which 80 are symptomatic and 43 are asymptomatic"
.

At present, domestic smelters are gradually resuming production and starting, superimposed on the influx of imports, supply has begun to pick up significantly, spot support has hidden concerns, and copper inventories have increased, and there is no bright spot on the demand side, especially the increase in new crown cases in Zhejiang has suppressed market demand, and copper is expected to fall
.