The macro atmosphere has improved, and Shanghai copper continues to regain lost ground

In terms of news, the Omicron strain is still circulating globally, but the market expects the vaccine to be effective against it; In addition, US President Joe Biden may revive his $2 trillion economic agenda, which will heat up market risk sentiment
.

In terms of fundamentals, copper mine imports increased significantly in the fourth quarter of the upstream, and copper mine inventories continued to increase, but the tight supply of cold materials still existed, coupled with the sharp decline in sulfuric acid prices, refinery production faced certain pressure, and there was no rush action at the end of the year, and the growth of refined copper production was limited
.
In November, the domestic power rationing policy was relaxed, and the operating rate of downstream processing enterprises rebounded significantly, but near the end of the year, the demand off-season, the downstream procurement willingness is low, and the fear of heights is dominated by bargain hunting
.

In terms of inventory, recent domestic and foreign inventories have maintained a trend of decomposition, inventories have been at a historical low, and the market has shown a tight supply situation
.
Technically, the mainstream long position of the Shanghai copper 2202 contract increased its position significantly, testing the resistance
above the 70,000 mark.

After the Fed's boots landed, market risk sentiment once improved to boost the metal trend, but at the beginning of the week worries about the new crown variant ignited, the metal market weakened again, and the current macro worries have eased slightly, and the market is red
.
Overall, most metals have been moving in a range pattern recently, and the center of gravity has not changed
significantly.
Global risk appetite has rebounded, but the impact of the epidemic is still lingering, and unilaterally maintaining a wide range of volatility and the judgment
of downside risks.