December 24 Shanghai copper brief commentary

Shanghai copper peaked and fell back today, closing slightly down 0.
3%.

Global explicit copper inventories remain low and macro sentiment is good, but copper prices lack momentum to progress
.

On the macro front, the recent release of US economic data has stabilized consumer demand, the job market continues to improve, and inflation remains high, although concerns about variants have eased and the dollar index has weakened
.
Coupled with the severe energy problems in Europe, some metal overseas supply is worried about tightening, and the metal market sentiment is quite optimistic
.

Global inventories are generally low at present, with LME inventories falling slightly yesterday and falling again last week
.
The market expects the overall performance of supply to be stable, and it is necessary to pay attention to the strength
of domestic counter-cyclical adjustment.
Short-term copper prices are more likely to fluctuate in a wide range
.
It is recommended to pay attention to Chilean mine production, copper downstream starts, inventory and spot conditions
.