December 9 Shanghai copper brief commentary

Affected by the decline of the US index, the overnight London copper probe drove Shanghai copper, but the appreciation of the RMB against the US dollar hit Shanghai copper's gains, and Shanghai copper fell slightly in early trading to maintain a volatile market
.
At present, the demand for copper peak season has not been fully reflected in the fundamentals, on the supply side, overseas copper inflows superimposed on the recovery of copper inventories, spot copper premiums at home and abroad have returned to normal, and the tight supply pattern has dissipated to reduce price momentum, and it is expected that Shanghai copper will maintain a volatile market in the near future
.

At present, the panic caused by the new crown variant has turned into expectations that the Fed will accelerate the pace of interest rate hikes, and the short-term trend of the dollar still needs to be closely observed
.
However, the inventory of the internal and external copper markets is at a low level, demand is expected to be positive, the fundamentals still have strong support, and the medium-term shock pattern of copper prices has not changed
.