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On Monday, the main 02 contract of Shanghai copper opened at 69840 yuan / ton after falling to 69620 yuan / ton, the plate rose rapidly, the overall out of the V-shaped trend, and then around 69860 yuan / ton wide range of shock sorting, noon closed at 69920 yuan / ton, the afternoon opening gap low after the center of gravity around 69820 yuan / ton narrow range of shock finishing, the plate fell below the daily moving average fell sharply to around 69540 yuan / ton, the end of the day slightly pullback, but finally closed at 69530 yuan / ton intraday low, It fell 260 yuan / ton, down 0.
37%.
On the macro front, after early data showed that the new crown variant may cause milder symptoms, the market risk sentiment improved, and the oil distribution rose more than 4%
at one point.
The rise of crude oil has undoubtedly driven the upward trend of inflation expectations, and it can be found that the prices of precious metals and even copper varieties have shown a trend of recovery
.
On the supply side, copper concentrate transportation at the Erlian Port has gradually resumed; Transport disruptions in Las Bambas also took a turn for the better, temporarily lifting the lockdown on December 22 and awaiting the December 30 meeting
after 31 days of road blockage.
The smelter maintained normal feeding
.
In terms of consumption, the operating rate of fine copper rods last week was 67.
08%, down 1.
55% again, and the poor performance of downstream power consumption cooled the demand for copper rods significantly, and near the end of the year, the enterprise entered the settlement and closing stage.
At the same time, the market rebounded at the end of the week, and the copper price of nearly 70,000 yuan / ton made the downstream purchasing sentiment repressed, and many copper rod companies increased their inventories significantly.
At the same time, in the face of continued sluggish consumption, companies have plans to take an early holiday on New Year's Day, and it is expected that the copper pole operating rate will continue to decline
this week.
In terms of inventory, the social treasury was 83,100 on December 24, down 02,700 tons
from the previous month.
SHFE weekly destocking was 3,550 tonnes to 6,656 tonnes, and LME weekly destocking was 125 tonnes to 892.
75 million tonnes, maintaining a low inventory trend
.
On the market, the recent year-end market, the transaction is relatively light, may be with the weakening of the spot price in a volatile trend
.
