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On Tuesday morning, the main 02 contract of Shanghai copper opened high at 69080 yuan / ton, after a short period of sorting, the center of gravity moved down to around 68920 yuan / ton, and then the short position reduction plate pullback, the overall out of the V-shaped trend, after 9:40 the growth rate slowed down, the center of gravity in a narrow range of shocks to maintain an upward posture, around 69250 yuan / ton declined, the decline was about 200 yuan / ton, and then continued to rise, closing at 69150 yuan / ton at noon, and the afternoon opening rose to 69260 yuan / ton, the afternoon opening rose to 69260 yuan / ton After maintaining stable operation around tons, it finally closed at 69230 yuan / ton, up 350 yuan / ton, or 0.
51%.
On the macro front, the impact of the epidemic continues to ferment, and according to Bloomberg's latest forecast, the global economic growth rate in the fourth quarter may be "cut off"
.
Following the lockdown actions of the Netherlands, Germany and Austria, other European countries have also adopted new epidemic prevention measures, and British Prime Minister Johnson will decide within 48 hours whether to tighten epidemic prevention measures
.
In terms of news, Omicron quickly swept the United States, with the proportion of new cases soaring from 3% a week ago to 73%
last Saturday.
Biden announced an emergency response to distribute 500 million kits for free, warning of the risks of not being vaccinated, but "considering lifting the Omicron-related travel ban.
"
Credit Suisse's investment committee downgraded the stock market to "neutral" due to the risks
posed by the Omicron variant.
The epidemic amplifies long-term factors, and the population growth rate in the United States hit a record low
in 2021.
In terms of spot, the discount in the spot market still maintained a strong price sentiment, although the transaction was limited, the holders were unwilling to adjust the price significantly, and the transaction remained
deadlocked.
Morning market holders put up the banner of price support, the actual market feedback is poor, there is no market, but due to the scarcity of supply, the willingness of holders to adjust prices is not high, the overall market maintains a tug-of-war, the temporary recovery of the plate also makes downstream consumption weak and continue to weaken, individual traders are more willing to exchange cash at high prices, but the market feedback is still not high
.
From a fundamental point of view, near the end of the year, enterprises will be in a state of closing and settlement, market participants are decreasing, the downstream continues to maintain a wait-and-see situation, and the overall transaction is dismal, but in the case of limited inventory, holders are unwilling to adjust prices significantly, so that the overall quotation remains
deadlocked.
Shanghai copper and South China copper rose from yesterday.
In terms of imports, spot trading in the foreign trade copper market continued to be light, LME 0-3 liters of water 16.
5 US dollars / ton, and the import loss of 01 contract was around
370 yuan / ton.
In terms of inventory, the LME accumulated slightly and SHFE destocked
slightly.
Overall, global risk appetite has rebounded, but the impact of the epidemic is still lingering, and unilaterally maintaining a wide range of volatility and the judgment
of downside risks.
