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Thursday's Shanghai copper main 02 contract opened slightly higher to the daily moving average after the morning open, but then due to the lack of momentum above, the disk was more obviously pressured by the daily moving average, after two waves of testing was blocked, the center of gravity continued to fall below the daily moving average, until the midday close at 69870 yuan / ton, the afternoon open, the center of gravity rebounded, first climbed all the way to the daily moving average, and then the bulls increased their positions a lot, the plate quickly pulled the account to around 70100 yuan / ton, and the final plate fell back to the daily average after rising, out of the V-shaped trend, The final closed at 70180 yuan / ton, up 680 yuan / ton, or 0.
98%.
On the macro front, the Big Business Institute reported on Wednesday that consumer confidence rose to 115.
8, after the November data was revised upwards to 111.
9
.
Economists surveyed expected 111
.
In terms of news, the Omicron strain is still circulating globally, but the market expects the vaccine to be effective and US consumer confidence is rising; In addition, US President Joe Biden may revive his $2 trillion economic agenda, which will heat up market risk sentiment
.
In terms of fundamentals, copper mine imports increased significantly in the fourth quarter of the upstream, and copper mine inventories continued to increase, but the tight supply of cold materials still existed, coupled with the sharp decline in sulfuric acid prices, refinery production faced certain pressure, and there was no rush action at the end of the year, and the growth of refined copper production was limited
.
In November, the domestic power rationing policy was relaxed, and the operating rate of downstream processing enterprises rebounded significantly, but near the end of the year, the demand off-season, the downstream procurement willingness is low, and the fear of heights is dominated by bargain hunting
.
Recently, domestic and foreign inventories have maintained a trend of decomposition, inventories have been at a historical low, and the market has shown a tight supply situation
.
