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Yesterday's main Shanghai copper contract closed slightly lower, and international copper closed down; Copper decreased by 700 tonnes to 28,155 tonnes in the previous period; The Shanghai Free Trade Zone warehouse was 443,800 tons, an increase of 04,800 tons
from last week.
Today's Shanghai copper volatility is lower, closing the Shanghai copper main 2102 contract at 58180, down 560, or 0.
95%.
On the macro level, the virus mutated, some countries tightened anti-epidemic restrictions, London and other areas in the United Kingdom began to fully lockdown, and Japan closed the country; The number of new crown hospitalizations in the United States has doubled, and there have been some sporadic diagnoses in China; The effectiveness of the vaccine is still to be verified
.
The US fiscal stimulus package has been twisted again, the UK reached a framework agreement to leave the European Union, and the dollar index rebounded above
90.
On the supply side, the supply and demand between mining and smelting is still in a tight pattern, and TC remains below
$50.
At the smelting end, the year-end impulse of Chinese smelters shows obvious
signs.
The price difference between refined waste is widening, which is not conducive to the consumption of
refined copper.
On the demand side, the cable side improved slightly month-on-month, and the good performance of home appliances, automobiles and other sectors drove the consumption
of enameled wire, copper tube, and copper strip.
Domestic copper inventories stopped falling, downstream enterprises entered the settlement cycle one after another, spot procurement performance was cautious, and spot premiums rushed back down
.
The epidemic situation at home and abroad is superimposed on the traditional consumption off-season, the enthusiasm of the market in the early stage has declined, Shanghai copper has continued to fall within the day affected by macro factors, stepping back to the 58,000 integer, the recent Shanghai copper upward momentum has slowed down, and it is expected to continue to run weakly at night, the main reference range is 5.
78-58,600, the macro margin of the copper market is weakening, supply and demand are neutral, and the short-term or high volatility is the mainstay
.
