Copper prices are under pressure and weakening, seeking support downward

Macro-level, the recent uncertainty has increased significantly, before the European Central Bank said that it may continue to cut interest rates, the dollar passively appreciated, and the LME copper price fell sharply by this, driving domestic copper prices down
.

From a fundamental point of view, with the arrival of the off-season of domestic consumption, downstream processing plants have been on holiday, copper is about to usher in the inflection point of accumulation in the past two weeks, short-term prices may continue to come under pressure downward, but the space below is limited
.
In addition, with the large delivery of zinc overseas in the past two days, it is not ruled out that copper will also face such risks, including whether the domestic epidemic will recur with the Spring Festival after the short-term control, these need to continue to pay attention
.

In the spot market, wait-and-see is the mainstay, low-priced goods are difficult to find, downstream consumption is general, and stocking is nearing the end
.
Downstream demand weakened at the end of the year, there was uncertainty about the US stimulus plan, but the IMF raised its global economic growth forecast, short-term copper mine supply is tight and low inventories are still supported, and there is limited
space below copper prices.

For the later trend of copper prices, the long-term trading logic of the market is still dominated by macro, and the economic recovery is expected to be strong after the promotion and use of vaccines, and under the stimulus policy, the currency continues to be loose, and copper prices are still expected to rise
.
In the short term, due to the year-end effect, demand gradually weakened, copper prices downward to seek support, although there are macro expectations are better, but it is difficult to start the upward trend in the short term
.