Copper prices continue to fluctuate and pay attention to the accumulation of copper

Shanghai copper was volatile
last week.
The weekly average settlement price of the current month contract is 69952 yuan / ton, an average daily increase of 72 yuan / ton; The average price of the previous week was 69,400 yuan / ton, up 0.
10%
from the previous month.

Last week, the London copper volatility was higher, the recent market panic about Omicron was weak, the market risk appetite atmosphere was warming, the stock market and oil prices were both higher, and the US economy remained resilient, and consumption was still
overheated.

In terms of the market, in the week of December 31, domestic spot copper prices soared and fell
.
The average price of Yangtze River nonferrous metal net 1# copper was 70104 yuan / ton, unchanged every day; The average price of the previous week was 69,646 yuan / ton, up 458 yuan / ton compared with last week, up 0.
66%
from the previous week.

In terms of inventories, Shanghai copper stocks continued to decline last week, falling by 11,011 tons to 38,182 tons, down 2.
24%.

London copper stocks remained low last week at less than 90,000 tonnes, recovering slightly by 100 metric tons to 89,375 metric tons, a cumulative increase of 0.
11%.

Overall, the Fed's monetary policy has gradually tightened, the domestic stable growth policy has yet to be strengthened, and Omicron is worried about slowing down
.
For the future market copper prices to maintain a cautious attitude, domestic spot supply gradually rebounded, while downstream consumer demand performance is general, although there are low inventories to support copper prices, but near the New Year holiday, copper accumulation is expected to be the core expectation
.
Short-term copper prices continue to have limited impulse energy, and the volatility is expected to continue
.