Shanghai copper is still weak Fundamentals short-term support is relatively fragile

During the Asian session, the London copper high fluctuated in a narrow range, and the latest quotation at 15:01 Beijing time was 9584 US dollars / ton, up 139 US dollars, or 1.
47%.

In terms of the market, today's domestic spot copper prices fell, 1# copper price was 70850 yuan / ton, down 830 yuan, premium 380-premium 440; Guangdong spot 1# copper price was 70550 yuan / ton, down 900 yuan; Yangtze River spot 1# copper 70720 yuan / ton, down 990 yuan, premium 180-liter 380; Shanghai spot 1# copper price was 70,800 yuan / ton, down 800 yuan
.

In the spot market, traders are more wait-and-see sentiment, the willingness to ship is not strong, the downstream bargain replenishment, the trading sentiment is cold, and the overall transaction is flat
.
The global panic caused by the variant strain led to a sharp decline in commodities across the board, but the mood recovered during the day, copper prices fell by a limited amount, coupled with the recovery of weekly copper inventories in the previous period, and Peruvian import sources hit the market, the short-term trend of copper prices was relatively weak
.

Industry news, foreign media news on November 28: Indonesia is considering implementing a copper concentrate export ban from 2023, but market participants expect this to have a limited
impact on China, the world's top copper concentrate importer.

At present, the impact of new variants at home and abroad has severely hit market sentiment; Peruvian source imports hit the market, import profits returned to the underwater, superimposed spot premiums continued to decline, and overseas inventories continued to increase, making the short-term support of market fundamentals more fragile, and copper may fall.