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Last week, the Shanghai copper high retreated, down 700 yuan
for the week.
Trump was impeached again during the week, the political turmoil in the United States once formed currency lock-up expectations, the dollar index underpinned the rebound pulled down Shanghai copper fell sharply on Monday, and then Powell gave a dovish speech, but the market's interpretation of Biden's stimulus policy was differentiated, further hitting market confidence and capital momentum
.
At present, Shanghai copper has entered the off-season of demand, the fundamental push has weakened, copper prices have been strengthened by the US dollar index and macro news guidance, and the financial momentum is weak
near the end of the year.
It is expected that Shanghai copper will fluctuate widely, and there is still pressure
on the 60,000 mark in the first year.
In terms of the market, spot copper fell by 740 yuan last week, the supply and demand of the spot market were weak, and the market fell sharply on Monday, attracting some years ago there was a demand for replenishment of inventory downstream, the inventory of holders was not much and actively held up the price, the highest copper premium was around 130 yuan, Thursday and Friday with the plate pulled, slightly lowered
.
The off-season effect is obvious, and the trading has not fluctuated
significantly.
In terms of import profit and loss, the US dollar index stabilized to the 90 mark after refreshing the low, the RMB soared for a while, the import profit window continued to close, and the gap remained around 400 yuan / ton
.
The recurrence of the epidemic in northern China has triggered market worries, superimposed on the gradual approach of the Spring Festival, there are hidden worries about early interruption of logistics and early holiday of enterprises; Although the inventory performance in the previous period declined, the news of the recent maintenance and shutdown of smelters came out, and the supply and demand in the spot market were weak, and the fundamentals were difficult to boost the rebound
in copper prices.
In addition, the epidemic in Hebei has caused difficulties in the start of cable factories in Ningjin and other places, affecting copper pole consumption, and if there is no further macro favorable stimulation, the copper price of 60,000 at the end of the year may be hopeless, falling into a high range shock
.
