December 22 copper market noon review

The UK Commodity Research Institute (CRU) expects world copper production to fall by 1.
6% in 2020 and increase by 3.
1%
in 2021.
Overnight, London copper fell below the 5-day moving average to close at $7,875, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened low and closed low at night, falling below the 5-day moving average, closing at 58410
.
Shanghai copper trading positions are declining, and the British virus news has suppressed the external market, driving the internal market to weaken, and entering the adjustment
in the short term.
Shanghai copper upper pressure 60000, lower support 57000
.
Today's international copper premium compared with Shanghai copper has expanded significantly to 452 points
.

At the macro level, the UK found a new variant of the new crown virus, which is 70% more contagious than the ordinary new crown virus, risk aversion has heated up, and copper prices have pulled back
at a high level.
For the later trend of copper prices, it is believed that the market trading logic is still dominated by macro, short-term copper prices have risen greatly, and they also have adjustment needs, superimposed on the news of the new crown epidemic, copper prices are benign adjustments, and the economic recovery is expected to be strong in the later period under the recommendation of vaccines, stimulus policies, the currency continues to loosen, and copper prices are expected to
rise.
Fundamentally, the current overall inventory level is low, especially the inventory in the previous period has fallen to the level of 80,000 tons, and the warehouse receipt in the previous period is less than 30,000 tons, which has obvious support for copper prices
.