In the late holiday period, the market atmosphere was empty, and Shanghai copper was weak and volatile

In terms of spot, on January 3, the trading price of CCMN Yangtze River spot 1# copper was 65920-65960 yuan / ton, the average price was 65940 yuan, down 220 yuan / ton; The premium was reported at 270 to 310 yuan / ton, with an average price of 290 yuan, up 230 yuan / ton
.
In the spot market, on the first day after the holiday, the holders offered positive quotations but had no willingness to adjust prices, the downstream bargain hunting, the limited stock of receivers, and the transaction performance was average
.

On the supply side, there are still many disturbances at the overseas mine end, and Chile's copper production in November fell year-on-year, still affected by many factors such as declining ore grade and tight water resources
.
However, the guidance price of copper concentrate processing fees was unchanged from the fourth quarter of last year, still at a high level, and the supply and demand at the mine end was generally loose
.
Weekly Shanghai copper stocks surged by nearly 15,000 tonnes, while London copper stocks also rose
slightly.

On the demand side, the operating rate of downstream processing leading enterprises is still declining, and some enterprises are considering early shutdown due to labor shortages caused by lack of orders and workers
' sick leave.
In addition, the market trading atmosphere is light, high copper prices inhibit downstream buying interest, and the continuous expansion of epidemic coverage suppresses downstream consumption enthusiasm
.
At the end of the year, the seasonal off-season characteristics are obvious, and the downstream consumption highlights are difficult to find
.

On the first day after the holiday, the "red flag" attempt, copper prices performed weakly
.
China's December manufacturing data released on Tuesday, January 3, dragged the metals market
down.
Encouragingly, however, business optimism about production prospects for the next 12 months rose to its highest
level since February.
At the same time, inflationary pressures remained moderate, the sentiment in the futures market warmed up slightly, and the decline in copper slowed down
.
Fundamentally, the supply pressure is not large, although the inventory has rebounded, but the overall inventory level is still at a historically low level, and there is still support
for futures prices.
However, the continuous expansion of the epidemic before the Spring Festival has caused the early weakening of consumption caused by the early holiday of downstream processing enterprises, as well as the shortage of labor, and the characteristics of the off-season consumption have become more and more obvious, suppressing
prices.

Overall, there are still optimistic expectations in the macro market, the US dollar index is weak, and copper prices are supported, but there is still pressure above, and the fundamental driving force is not strong
.