Shanghai copper rushed back down, downstream consumption is still weak

During the Asian session, London copper opened low and went low, and the latest quotation at 15:00 Beijing time was 7811 US dollars / ton, down 93 US dollars, or 1.
18%.

In terms of the market, today's domestic spot copper prices rose slightly, Yangtze River non-ferrous metal network 1# copper price was reported at 58120 yuan / ton, up 110 yuan, premium 70-130; Guangdong spot 1# copper price was 58110 yuan / ton, up 80 yuan; Yangtze River spot 1# copper 58260 yuan / ton, up 140 yuan, premium 200-liter 220; Shanghai spot 1# copper price was 58170 yuan / ton, up 225 yuan
.

In the spot market, the wait-and-see mood is strong, traders continue to reduce prices, downstream consumption is still weak, and transactions are limited
.
Peru will impose a new lockdown but allow key sectors such as mining to continue operating, with weaker domestic consumption at the end of the year and a lack of strong support from fundamentals
.

On the news front, the Chilean Copper Council (Cochilco) raised its copper price forecast for this year to $3.
30 per pound, 13.
8 percentage points higher than the November forecast of $2.
90 per pound, due to the progress of vaccination campaigns and China's good economic outlook, and predicted that global copper supply will be reduced by 70,000 tons in 2021, but there will be a surplus of 116,000 tons in 2022, for Chile and Peru, the risk of a second wave of the epidemic remains, and spot copper prices are expected to rise
slightly.