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Yesterday, the main force of Shanghai copper 03 opened smoothly at 70,700 yuan / ton after the test of 70,490 yuan / ton failed, and then recovered and around the daily average of 70,740 yuan / ton around the narrow range of shock sorting, after 11 o'clock the bulls increased their positions quickly rose to break through the 71,000 yuan / ton integer mark, and closed at 70,930 yuan / ton
.
At the beginning of the afternoon, the market first rose slightly to 71110 yuan / ton, but soon fell back to around 70900 yuan / ton, around 14 o'clock the bulls increased their positions again, the plate rose all the way to 71360 yuan / ton, the end of the day fell back, and finally closed at 71180 yuan / ton
.
Up 1180 yuan / ton
.
On the macro front, U.
S.
Treasury Secretary Janet Yellen said inflation is expected to remain above
2% in 2022.
Even if fiscal support is reduced, there is still a buffer stock in accumulated savings that will continue to support the economy in the
coming years.
The responsibility for tackling inflation is shared between the Fed and the Biden administration, while it wants and intends to bring inflation down to be consistent with the Fed's price stability target
.
Initial jobless claims in the United States recorded 286,000 in the week ended January 15, the highest
since October last year.
Analysts point out that the increase in initial jobless claims may be due to the Omicron strain outbreak
.
In addition, second-hand home sales in the United States fell for the first time in four months in December, as listings fell and interest rates rose
.
Domestically, China's 1-year loan market quotation rate (LPR) was 3.
7% in January versus 3.
7% expected and 3.
8%
last month.
The 5-year LPR was 4.
6% vs 4.
55% expected and 4.
65%
last month.
From a fundamental point of view, there is only more than a week left before the New Year, and some downstream gradually enter a state of holiday shutdown, plus copper prices stand firm at 70,000 yuan / ton integer mark continues to inhibit downstream buying, and the market is light
.
On the other hand, long-term transactions have also gradually decreased, and the holders are eager to exchange cash at the high, the market quotation shippers are far greater than the inquiry buyers, the trend of spot price increase is established, and the Shanghai copper premium price has declined for two consecutive days; Guangdong inventories fell again, supported by low inventories, South China's copper premium was flat
compared with yesterday.
In terms of inventory, the LME destocked slightly, and SHFE inventories were flat
.
Overall, the domestic interest rate cut cycle has begun, and copper prices have continued to rise
in the off-season.
