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On Wednesday, the main monthly 2301 contract of Shanghai copper was weak, and continued to fall in the afternoon, opening at 65890 yuan / ton, and closing at 65440 yuan / ton, down 460 yuan / ton, or 0.
70%.
The US dollar exchange rate continued to climb, risk appetite weakened, the futures market was broadly green, but low inventories underpinned the bottom, and copper fell limitedly
.
In terms of spot, on December 7, the trading price of CCMN Yangtze River spot 1# copper was 66530-66570 yuan / ton, with an average price of 66550 yuan, down 170 yuan / ton; The premium was reported at 430-470 yuan / ton, with an average price of 450 yuan, down 150 yuan / ton
.
In the spot market, the holders have the willingness to raise prices in the morning, but the latter stage continues to decline, and the holders adjust the price and shipment, and the receiving party has no intention of entering the market to take more goods, the transaction is general, and the actual transaction is limited
.
Abroad, after the improvement of US data heated up expectations of the Fed's interest rate hike, the US dollar index continued to rebound overnight, US stocks and international oil prices fell sharply, market risk sentiment weakened significantly, and copper prices were also dragged
down.
Copper prices have slowed their recent rally after a volatile recovery
.
The main reason is that after the favorable macro policy in the early stage, the market lacks the momentum
to progress and rise.
The repeated expectations of the Fed's interest rate hike and recession expectations have put pressure on copper prices
.
Domestically, China's imports of unwrought copper and copper products in November increased by more than 30% month-on-month to 539,901.
7 tons, an increase of 5.
8%
year-on-year.
Prior to the frequent domestic favorable policies, especially in terms of real estate, the market is expected to warm up in the future demand, and copper imports have increased
.
However, the overall off-season, downstream demand is still light
.
Yide Futures said that the overall consumption is still flat, and after the price recovery, the consumption suppression effect has appeared, but considering the low inventory, the resilience of just demand will still be preserved
.
On Wednesday, Shanghai copper ran weakly and continued to close down 0.
7%
during the day.
The dollar continued to rebound, with the US November ISM non-manufacturing PMI higher than expected indicating a strong US economy, and new signals of a potential rebound in inflation weighing on sentiment and dragging down metal prices
.
However, global explicit inventories remained low and continued to support copper prices
.
In addition, domestic policies have been favorable, and the optimization measures for epidemic control have been further implemented, which still boosts the market to a certain extent
.
Overall, the macro environment shows signs of weakening, the dollar strengthens, suppressing prices, but domestic policy efforts will continue, low inventory logic continues, providing strong support for copper prices, copper prices remain strong in the short term, the decline is limited
.
