Shanghai copper trend is strong, terminal demand performance is better

This week, London copper is on the strong side
.
The average price of LME copper in the first four trading days was 7749.
5 US dollars / ton, up 28.
75 US dollars / ton per day; Last week's average price was $7671.
6/ton, up 1.
02%
month-on-month.

On the macro front, China's economic recovery prospects are "stable", industrial production has recovered steadily, market demand has continued to pick up, and institutions are optimistic about China's economic development prospects
.
The US labor market was unexpectedly weak in November, and expectations of more fiscal stimulus in the US are growing
.
Pandemic containment measures have affected Europe's economic recovery, and the European Central Bank has increased monetary stimulus to cope with economic uncertainty, boosting macro optimism
.

In the market, in the week of December 11, domestic spot copper prices fluctuated
at a high level.
The average price of Yangtze River nonferrous metal net 1# copper was 57338 yuan / ton, up 154 yuan / ton per day, and up 1.
34% on a weekly basis; The average price of the previous week was 57,360 yuan / ton, down 22 yuan / ton compared with last week, down 0.
04%
from the previous week.

In terms of stocks, Shanghai copper stocks fell again this week, down 15,691 tons to 82,092 tons, down 16.
05%.

London copper stocks continued to deteriorate this week, with a cumulative decrease of 3,350 metric tons to 146325 metric tons, a cumulative decrease of 2.
24%.

China's demand for copper is still rising
every month due to high imports over the past 6 months and a decline in copper imports that is expected to fall within expectations.
According to data from the China Association of Automobile Manufacturers, automobile production and sales in November hit a new high for the year, new energy vehicles continued to develop rapidly, in addition, cable companies began to maintain a high level, terminal demand performed well, and macro optimism drove copper prices to remain high
.
At present, the inventory is generally at a low level, the annual target of domestic power grid investment has not yet been completed, and the progress is expected to accelerate by the end of the year, and automobile production and sales will maintain a growth trend; Copper prices are expected to fluctuate
at high levels next week, as research into refined copper production is currently divided, and increased copper inflows may put pressure on copper prices.