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In the first week of 2021, the market sentiment is still optimistic, the opening price of Shanghai copper on Monday was 57750 yuan / ton, the price rose steadily during the week, and the price of Shanghai copper exceeded 60,000 yuan / ton on Friday, reaching a maximum of 60,680 yuan / ton
.
As of Friday, the Shanghai copper 2103 contract closed at 60310 yuan / ton, LME copper closed at the 8200 US dollar / ton mark, and the international BC copper 2103 contract closed at 53730 yuan / ton
.
At the beginning of the week, bitcoin soared, and OPEC meeting to promote production cuts to drive crude oil soared, market inflation expectations heated up, while the US Democratic Party basically controlled the two houses in the election, the market hopes that the United States will introduce more stimulus policies, the country's infrastructure construction spending is expected to be optimistic, overnight London copper closed up $99 to an eight-year high, concentrate supply may remain tight, global inventories are at a historical low, in the context of macro continuous favor, the market is optimistic about longing, copper broke through an 8-year high, standing on the 60,000 yuan / ton mark
。
From a fundamental perspective, global copper inventories remain low
.
Due to the weather, the operating rate of cable companies declined, resulting in lower copper demand
.
Coupled with the impact of rising copper prices, downstream customers' wait-and-see sentiment has intensified, which has affected demand to a certain extent, and the fundamentals are slightly bearish
.
The survey shows that the consumption of the automobile and home appliance industry continues to improve, and the state has successively introduced policies to stimulate consumption, coupled with optimistic exports, driving the demand for copper tubes to continue to rise
.
Cable companies are still not performing well due to weather, and the trend of home appliances and automotive industry continues
.
Affected by the rise in copper prices, the wait-and-see mood of downstream customers has intensified, and small and medium-sized enterprises have a wait-and-see state on copper prices, which has affected demand
to a certain extent.
Overall, the macro atmosphere is optimistic, the market risk appetite is increasing, and copper prices are rising, but the epidemic is still raging, the current fundamental support is limited, and copper prices are expected to fluctuate mainly at short-term highs
.
