Shanghai copper main shock downward demand after the holiday or a slight rebound

On the macro front, the $900 billion bailout plan in the United States was finally reached, but what is still controversial in the market is the increase in the new crown relief check for individuals from $600 to $2,000
.
But overall, in the United States, the current attitude that monetary and fiscal policies will continue to maintain a loose tone will not be easily changed, coupled with the current pattern of continued weakening of the US dollar index, so from a macro level, copper varieties are still relatively favorable
.

In terms of fundamentals, last week we can see that even in the case of a significant increase in the broader market, the power sector has fallen sharply (the Wind Power Industry Index fell by 1.
58%), which shows to some extent the impact of
the industry's off-season.
This also makes the recent copper spot trading is still very sluggish, in the case of high copper prices and no obvious stimulation of fundamentals, copper prices show a weak trend
.

In terms of spot, the average price of 1# electrolytic copper last week ran at 57,920 yuan / ton to 58,770 yuan / ton, and the average premium quotation fluctuated sharply last week, operating in the range of -140 yuan / ton to -40 yuan / ton
.
Last week, due to the weak spot trading due to the factors at the end of the year, the sparse market report caused the discount narrowed, and the demand after the holiday or a slight rebound superimposed on the decline in copper prices, it is necessary to observe whether the spot transaction can show an improvement
.