Shanghai copper intraday low volatility downstream consumption is expected to weaken

During the Asian session, London copper rebounded and rebounded, and the latest quotation at 15:01 Beijing time was 9740 US dollars / ton, up 9 US dollars, or 0.
09%.

In terms of the market, today's domestic spot copper prices fell sharply, Yangtze River nonferrous metal network 1# copper price was reported at 70500 yuan / ton, down 1050 yuan, discount 90-discount 30; Guangdong spot 1# copper price was 70440 yuan / ton, down 1090 yuan / ton; Yangtze River spot 1# copper 70570 yuan / ton, down 950 yuan, premium 470-liter 510; Shanghai spot 1# copper price was 70390 yuan / ton, down 1160 yuan
.

In the spot market, traders are mainly based on inquiry, downstream consumption is still general, transactions are slightly deadlocked, and the overall trading is flat
.
Copper prices will remain range-bound
in the short term, with domestic copper inventories showing a slight accumulation, and the growing fear of heights downstream, and further weakening consumption performance due to the upcoming Spring Festival.

Domestic copper concentrate supply is loose, it is expected that domestic electrolytic copper production in January will rise to 868,400 tons, while domestic electrolytic copper social stocks will increase by 200 tons, bonded zone stocks will increase by 13,300 tons, coupled with the impact of the outbreak of the epidemic in many places in China on demand, and the Spring Festival is approaching, downstream consumption is expected to weaken, and copper is expected to continue to fall
.

Industry news, foreign media news on January 15: Sources said that Glencore is in talks with Yanggu Xiangguang Copper about cooperation, which will allow Glencore to supply copper concentrate to a mixer in Shandong
.