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Recently, affected by the seasonal weakening of domestic consumption, copper prices have fallen significantly, but the policy is loose, the logic of domestic and foreign economic recovery has not changed, coupled with optimistic demand after the holiday, the bottom support of copper prices is still strong
.
Macro, the U.
S.
House of Representatives recently approved a budget resolution, allowing the Democratic Party to promote the process of the aid plan without the support of the Republican Party, to a certain extent, pushing up the market's expectations for inflation, copper prices continue to rebound, but fundamentally, as the domestic Spring Festival approaches, domestic spot trading and transportation are suspended, copper gradually turns from destocking to accumulation, and copper prices lack a basis for a sharp upward movement in the short term
.
In the spot market, there are not many circulating supplies, the wait-and-see atmosphere is strong, the downstream consumption is weak, and the overall transaction is weak
.
Processing companies are generally on holiday, pre-holiday demand is weak, but for post-holiday demand recovery is more optimistic, the macro atmosphere is warm, the US fiscal stimulus measures have progressed, copper prices are temporarily supported
.
Fundamentally, the CSPT team finalized the copper concentrate processing fee floor price for the first quarter of 2021 at US$53/mt and US$5.
3/lb.
Compared with the fourth quarter of 2020, it was down $5 and 0.
5 cents, indicating that the market is still pessimistic about the future supply of copper concentrate, and on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, with the off-season delayed, the next peak season to destocking is likely to form a strong support for copper prices, maintaining the long-term bullish judgment
of copper prices.
