Downstream copper consumption is still weak Shanghai copper is expected to remain volatile today

Stocks: LME copper stocks last week fell 9,150 tonnes month-on-month to 162375 t; Copper inventories in the previous period increased by 56,484 tons to 262738 tons; Bonded warehouse copper stocks increased by 20,800 tons month-on-month to 320,300 tons
.

East China: Last Friday, Shanghai 1# electrolytic copper spot discounted 10 ~ premium 30 yuan / ton
to the contract of the month.
Today entered the delivery period, according to the spot quotation situation on Friday, deliverable brand goods still have considerable profit margins, will continue to lead the rise, quotations closer to the delivery level
.
It is expected that today's spot quotation premium 20-liter 50 yuan / ton
.

South China: On Friday, Guangdong 1# electrolytic copper spot reported a discount of 10 ~ 40 yuan / ton
for the current month's contract.
The basis of the next-month contract remained above 200 yuan before the month change, and the market generally expects that the downstream will resume work more fully next week, and traders take advantage of the low market to receive goods; At the same time, the desire of the holders to ship is not high, and the price or holding the goods waiting for the month to change all support the rise in the center of gravity of the spot premium discount, and some flat water copper sources have quoted
flat water for the current month's contract.

Forecast: Copper prices retreated on Friday night, mainly due to ongoing concerns about public health events, while US consumer spending seemed to slow further in January, triggering concerns about whether the economy can continue to expand moderately, U.
S.
stocks ended their continuous rally, while market risk aversion pulled the dollar index and gold higher, putting significant pressure
on copper prices.

In terms of fundamentals, most domestic copper processing enterprises have resumed work, but the operating rate is still at a low level, last week's inventory increased by 56,484 tons, downstream copper consumption is still weak, this week continue to pay attention to the resumption of
domestic logistics and production enterprises.