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Recently, affected by the blockage of shipments from Las Bambas, the world's ninth largest mine, London copper broke through the $8,000 / ton integer mark, a new high in nearly 7 years, followed by the main contract of Shanghai copper, breaking through the 60,000 yuan / ton integer mark
.
From a fundamental point of view, the current copper market is showing a state of supply and demand, terminal consumption is still good, and the supply of refined copper is significantly higher than last year
.
On the macro front, the US election has come to an end and uncertainty has been reduced again, but the epidemic situation in Hebei needs to be focused on
.
Domestically, China's stock market rose sharply on Tuesday, the epidemic spread sporadically in the north, and Shijiazhuang, Xingtai and other epidemic centers were strictly controlled, and there was no concern
overall.
China released December financial data, M2 increased by 10.
1%, 0.
6 percentage points lower than the previous month and 1.
4 percentage points higher than the same period last year, but the December interbank weighted average rate production was 0.
68 percentage points lower than the previous month and 0.
79 percentage points lower than last year, verifying that China's stimulus monetary policy is withdrawing, but the easing environment is still maintained
.
Abroad, the U.
S.
stock market fluctuated at a high level, today the House of Representatives will consider the impeachment proposal against Trump, and the market is waiting for Biden to propose a large-scale stimulus package, although there are still concerns of violent conflict before the new president takes office, but even if there is little impact, the macro is still dominated by the hype of large-scale stimulus plans
.
The dollar retreated sharply as investors repriced
bonds amid expectations of accelerating inflation and the prospect of a forward exit from the Fed's bond purchases.
In terms of news, all employees in Langfang are tested for nucleic acid, and personnel and logistics may be affected
.
At present, Hebei scrap copper production and downstream processing enterprises are affected by epidemic control measures, copper pole factories and cable factories are suspended, small and medium-sized enterprises are on holiday early, and scrap copper inventory is difficult
to increase sales.
Henan's environmental protection production restrictions have been gradually lifted, production has resumed, and overall demand other than cables is still strong
.
However, if the epidemic control measures continue to expand, it will have a great impact on demand, which is a short-term risk point, and it is estimated that the domestic will be cautiously observed, while Biden's new stimulus plan still dominates overseas sentiment, and the macro bullish background brings overall strength
.
Copper prices maintained their recent strong volatility pattern
.
On the whole, the traditional consumption off-season is coming, and the upward action of Shanghai copper will gradually weaken, it is recommended to operate cautiously, while paying attention to the accumulation of inventory and the epidemic situation
in Hebei.
