Shanghai copper range volatility is the mainstay, and the price center of gravity remains at the upper level

Futures market review, copper prices rose slightly last week, London copper continued to reach new highs, and affected by the easing of Sino-US relations and the continuous appreciation of the RMB, Shanghai copper followed the rise of a small range, external strength and internal weakness are obvious
.
On Wednesday, the text of the phase one trade deal between China and the United States was released, after the United States announced that it would cancel its designation of China's "currency manipulator", and the trade dispute between the two sides gradually eased, coupled with domestic economic data stabilizing, supporting the center of gravity of copper prices to move
upward.
At the same time, as large-scale military conflicts between the United States and Iran were avoided, market risk aversion cooled, and the impact of geopolitics on copper prices weakened
.

The Spring Festival is approaching, the market trading is gradually cold, and the situation of supply and demand is prominent
.
Due to the impact of the large price difference of the contract for the month, the good copper discount expanded to around
100 yuan last week.
In terms of import profit and loss, the window continued to close last week, the gap widened to around 340 yuan / ton, trade progressed well, the RMB continued to appreciate, and copper prices were strong outside and weak inside
.

Summary: After the rise of Shanghai copper last week, the range was mainly volatile, and the price center of gravity remained at the upper level
.
Among them, the first phase of the Sino-US economic and trade agreement landed in the international situation, and market optimism drove the center of gravity of Shanghai copper upward, but the RMB was also affected by this and rose rapidly, which brought certain restraint to Shanghai copper; On the other hand, the US unemployment benefit number from January to November was lowered, coupled with the stabilization of retail sales data in December, and signs of macroeconomic recovery showed signs of a rise in the US dollar index, which was positive and put pressure on copper prices
on the other hand.
Domestically, according to customs statistics, refined copper imports this year increased again, under macro pressure, refined copper still has demand to boost confidence in the future market, short-term Shanghai copper is supported by many aspects, but near the end of the year Shanghai copper power is weak, it is expected that the price of a narrow range a few years ago, or stabilize upward
after the year.