The market is closed for the Spring Festival and copper prices continue to fluctuate in a narrow range

On the supply side, Chile's sharp increase in copper exports eased fears
of a global supply shortage.
At the end of the year, the maintenance of copper smelters basically came to an end, coupled with the effect of rushing production at the end of the year, the domestic electrolytic copper production in December far exceeded market expectations, hitting a new high in the second half of the year, and the terminal consumption at the end of the year turned weak
.
Although downstream consumption weakened before the Spring Festival, there was a willingness to stock up on dips, inventories maintained a downward trend, and the transition to green economy and electrification boosted copper demand
.

On the demand side, the downstream power curtailment and production limit ended, mostly to digest the previous orders
.
In December, cable operating rates fell
again.
Copper inventories remain low, downstream consumption has entered the off-season, and the willingness to receive goods is not high
.
Coupled with the approaching end of the year, the downstream market
is gradually closed.

On the whole, the gradual release of global copper mines has led to the expected heating up of loose supply, and domestic copper prices will be balanced
between accumulation and low inventories in the Spring Festival off-season.
Domestic copper concentrate supply has been loosened, while copper social inventories have increased, coupled with the expectation of weak downstream consumption, the overall supply and demand are weak
.
Copper prices are expected to fluctuate in a narrow range
.