The copper market wait-and-see mood is strong, and downstream consumption is general

On the macro front, the U.
S.
Congress confirmed the election of the 46th president of the United States, and Trump promised an orderly transfer of power
.
The Democratic Party will control both the White House and Congress, and a larger fiscal stimulus package is expected
.
Investors were optimistic about the prospect of additional fiscal stimulus from the Democratic Party, and U.
S.
stocks hit another record high
.
In addition, the US ISM non-manufacturing PMI for December released last night recorded 57.
2, the highest since
September last year.

In terms of the market, the wait-and-see mood is strong, the receiving sentiment is not good, and the downstream consumption is general
.
Fundamental support is limited, domestic inventory inflection points have appeared, and consumption has weakened
seasonally.
On the macro side, however, the picture is more optimistic
.

Overall, the trend of copper prices depends more on the macro environment, the biggest macro factor in January is whether the US president can successfully take office, as of January 8, after some tossing, the US Congress officially certified Biden as the next US president, at the same time the Democratic Party also gained control of the Senate and the House of Representatives, to facilitate Biden's administration in the future, the market hopes that Biden will implement a more relaxed fiscal policy and a more effective epidemic control plan after taking office; These are all important factors
driving copper prices to continue to rise.
However, when these are realized, copper prices may have a trend of rushing back down, but the magnitude of the decline is expected to be limited
.