January 3 copper market morning review

At the macro level, the US interest rate hike expectations have not changed significantly, the economic data is in line with expectations, and the US dollar index is running weakly; Domestically, economic data fell month-on-month in December, and as the impact of the epidemic weakened, the economy is building a bottom and is expected to improve
.

On the supply side, there are still disturbances on the mine side, and TC continues to fall month-on-month; There was an increase in smelting in October, and a decrease in November and December, and the disturbance of crude copper tension still existed; The import window is closed from time to time, and the import supply is still limited; The supply of copper scrap continues to be tight
.
Domestic demand, high copper prices to suppress consumption, coupled with the entry into the consumption off-season, the overall consumption is good, and the demand for pre-holiday reserve may be supported
.
Domestic and foreign inventories rebounded month-on-month, or entered the accumulation stage
.