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Recently, the base metal fluctuated in a narrow range due to the sharp rise of the US dollar, and London copper fell slightly to close at $7810, maintaining a narrow range of fluctuations
.
The effect of the Shanghai copper festival is deep, and spot trading is weak
.
Traders will also have a holiday next week, and holders have no intention of falling on the water, and the focus has shifted to post-holiday
conditions.
At present, it is very rare for the two cities to maintain low inventory spot premiums, and domestic inventory reduction until the Spring Festival
.
Delays in copper and concentrate shipments due to weather and the pandemic in South America, with March cargoes reportedly quoted below $40 in the concentrate market, and copper scrap recycling and processing hampered
by the pandemic in Europe, the United States and Southeast Asia.
After the holiday, the import of copper raw materials is generally tight, while the domestic epidemic has not seen a new flashpoint, and the domestic resumption of work after the holiday may be faster than in previous years, coupled with the stimulus effect of the United States, the medium-term demand is expected to recover
strongly.
Therefore, the spot pressure in the copper market around the Spring Festival is small, and the medium-term bullish expectation also supports downstream bargain hunting
.
Technically, the platform in December is along the lower side of the strong support area below 57,000, and the dip is gradually bought for the post-holiday peak season
.
