At the end of the year, the atmosphere was dull and pervasive, and the center of gravity of Shanghai copper continued to shift

In terms of spot, on January 5, the trading price of CCMN Yangtze River spot 1# copper was 64350-64390 yuan / ton, with an average price of 64370 yuan, down 960 yuan / ton; The premium was reported at 130 to 170 yuan / ton, with an average price of 150 yuan, down 50 yuan / ton
.
In the spot market, the momentum of downstream procurement weakened, the premium continued to decline, the sentiment of receivers was not good, and the overall transaction performance was weak
.

On the supply side, there are still disturbances at the overseas mining end, but copper stocks have begun to gradually accumulate recently, and domestic copper landings are high, and some of them flow into the bonded zone, resulting in an increase
in inventories.

In terms of demand, on the eve of the Spring Festival, the spot market trading has become more and more quiet, the transaction is inactive, and downstream demand continues to show signs of
weakening.
Moreover, some downstream enterprises have entered an early holiday state, the enthusiasm for stocking at the end of the year has cooled, and the spot transaction premium has continued to decline, confirming the lack of consumption off-season and market confidence
.

In summary, the Fed released the minutes of the most hawkish meeting, the market risk appetite generally cooled, non-ferrous metals fell overnight, and the center of gravity of Shanghai copper continued to shift
.
The minutes of the Fed's December meeting, released on Wednesday, showed that central bank policymakers remained committed to curbing inflation
, although they agreed to slow the pace of their aggressive rate hikes in 2023.
Copper prices broke to the downside
as demand concerns were compounded by weak global manufacturing activity, leading to fading optimism and frustration in market confidence.
For fundamentals, the copper market off-season consumption characteristics are obvious, coupled with the Spring Festival holiday and the impact of the epidemic and other factors, terminal consumption continues to weaken, coupled with the recent general concern about the recovery of inventory, the marginal support for futures prices weakened, short-term copper prices continue to decline, maintaining weak operation
.

Overall, macro pressure increased, internal and external economic data were weak, economic growth was weak, superimposed on the hawkish Fed minutes, market risk appetite cooled, bearish sentiment concentrated catharsis, Shanghai copper under pressure and weak closed down, the center of gravity continued to shift
.