Shanghai copper runs at a low level and there is still a short-term pullback risk

During the Asian session, London copper fluctuated at a high level, and the latest quotation at 15:00 Beijing time was 8957 US dollars / ton, up 86 US dollars, or 0.
97%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River non-ferrous metal network 1# copper price was reported at 66060 yuan / ton, down 930 yuan, discount 140-discount 80; Guangdong spot 1# copper price reported 66,000 yuan / ton, down 960 yuan; Yangtze River spot 1# copper 66160 yuan / ton, down 910 yuan, discount 50-discount 10; Shanghai spot 1# copper price was 66090 yuan / ton, down 685 yuan
.

In the spot market, low-price transactions are smooth, downstream is still dominated by rigid demand, and the overall trading atmosphere is weak
.
European epidemic worries have pushed up risk aversion, the dollar index has performed strongly, consumption has not yet been verified, and short-term copper prices still have the risk of
correction.

On the news front, the threat of strike at Chile's Los Pelambres copper mine, which produced 372,100 tonnes of copper in 2020, equivalent to about
6% of Chile's total production, has been lifted.
London copper inventories have risen to a three-month high, domestic inventories have continued to increase recently, the current downstream demand is limited, peak season consumption has not yet started, spot copper prices are expected to fall
.