December 28 Shanghai copper brief commentary

Trump passed the fiscal stimulus bill, and the initial results of Brexit pulled down the dollar index and released pressure
on copper prices.
Shanghai copper once hit a high of 59,000 within the day and then retreated
.
At present, the fundamentals of TC processing fees have been low in recent years, and the tight supply of copper ore has brought price support, but on the other hand, domestic copper demand is still weak, dragging down the upward momentum
of Shanghai copper.
It is expected that the overnight Shanghai copper may have a pullback performance, the main reference range: 5.
82-59,200, operationally it is recommended that the shippers who have shipped within the day wait and see for the time being, and the downstream just needs to stock
.

Last week, copper prices first fell and then rose, the first half of the week mainly due to the news of the new crown virus mutation in the UK caused the market risk aversion to heat up, copper prices pullback, later due to the news of the new stimulus bill in the United States, copper prices recovered part of the decline, the overall weak shock
.
For the later trend of copper prices, the long-term trading logic of the market is still dominated by macro, the early copper price increase is large, its own adjustment needs, superimposed on the news of the new crown epidemic, copper price benign adjustment, in the later period under the recommendation of the vaccine level by level economic recovery is expected to be strong, under the stimulus policy, the currency continues to loosen, copper price rise is still expected
.