Shanghai copper runs high to maintain a long-term bullish judgment

During the Asian session, London copper opened low and went low, and the latest quotation at 15:00 Beijing time was 9049 US dollars / ton, down 81 US dollars, or 0.
89%.

In terms of the market, today's domestic spot copper prices rose, Yangtze River nonferrous metal network 1# copper price was 67130 yuan / ton, up 960 yuan, discount 100-discount 40; Guangdong spot 1# copper price was 67110 yuan / ton, up 940 yuan; Yangtze River spot 1# copper 67180 yuan / ton, up 950 yuan, discount 30-discount 10; Shanghai spot 1# copper price was 67110 yuan / ton, up 990 yuan
.

In the spot market, some long-term orders are supported by demand, downstream consumption is still weak, and the overall transaction is
weak.
The Federal Reserve maintains its accommodative policy and raises its U.
S.
economic growth forecast for this year, the United Nations Conference on Trade and Development revised the global economy to grow to 4.
7% this year, fundamental copper mine supply remains tight, and the demand outlook is positive
.

On the macro front, global central banks are likely to continue to maintain their current ultra-loose monetary and fiscal policies, and the US dollar is expected to remain weak
.
Fundamentally, the CSPT team finalized the copper concentrate processing fee floor price for the first quarter of 2021 at US$53/mt and US$5.
3/lb.
The decrease of $5 and 0.
5 cents from the fourth quarter of 2020 shows that the market is still pessimistic about the future supply of copper concentrate, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, and the next peak season destocking is likely to still form a strong support for copper prices, maintaining the long-term bullish judgment
of copper prices.