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On Wednesday, nonferrous metals rose across the board, and the main 02 contract of Shanghai copper opened at 70290 yuan / ton and slowly climbed to 70370 yuan / ton, and then the long position increased again, climbing to around 70890 yuan / ton at about 11 o'clock, and fell slightly before the noon close, closing at 70860 yuan / ton
at midday.
In the afternoon, the opening session briefly weakened, and then rose again to touch 71330 yuan / ton, and finally closed at 71170 yuan / ton
.
Up 1600 yuan / ton, an increase of 2.
30%.
On the macro front, the latest US CPI data for December once again recorded a 7% result, hitting a 40-year high, which shows that the current inflation level seems difficult to effectively control
in the short term 。 In addition, the Beige Book showed that growth continued to be limited by ongoing supply chain disruptions and labor shortages, cooling business expectations for growth in the coming months in some regions, and a weaker-than-expected non-farm payrolls data last week all raised some concerns about the future economic outlook, while the dollar index fell sharply combined with the current high level of inflation, which supported non-ferrous metals, including copper
.
In terms of stocks, on January 12, LME destocked 0.
01 tons to 83,900 tons, SHFE destocked 0.
25 million tons to 05,100 tons, and on January 10, domestic social stocks (including bonded zones) rose 02,700 tons from last week to 289,900 tons
.
From a fundamental point of view, recent days may be due to the last replenishment before the holiday, stimulating downstream factories to replenish and buy goods, which has slightly boosted the activity of the copper spot market, and the market supply is not much, traders dominate the market under the strong price sentiment, Shanghai copper premium rise; Guangdong electrolytic copper stocks ended two consecutive increases, showing a slight decline
.
Due to the decline in inventory and copper prices, some holders insisted on shipping at high prices, but the downstream acceptance was low, and the early holiday consumption was not good, the holders could only reduce the price of shipments, and the transaction improved after the price reduction, and the copper premium in South China rose
.
Overall, due to the market's dovish interpretation of Powell's testimony, liquidity tightening concerns eased, the dollar fell, non-ferrous metal suppression weakened, superimposed on the copper market low inventory station was stable, and the market rebounded
significantly after the macro pressure eased.
Although domestic consumption weakened before the Spring Festival, there was a willingness to stock up on dips, inventories maintained a downward trend, and the market showed a tight supply situation, which supported copper prices
.
