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On Wednesday, the main monthly 2303 contract of Shanghai copper rose strongly, rising like a rainbow during the day, opening at 66,860 yuan / ton, and closing at 68,000 yuan / ton, up 1,460 yuan / ton, or 2.
19%.
The dollar fell unchanged, positive for risk asset prices, London copper rose sharply to a six-and-a-half-month high, Shanghai copper followed, coupled with domestic favorable policies continued to make efforts, intraday copper prices rebounded to near the 68000 line, hitting a nearly two-month high
.
In terms of spot, on January 11, the trading price of CCMN Yangtze River spot 1# copper was 67570-67610 yuan / ton, with an average price of 67590 yuan, up 980 yuan / ton; The premium was reported at 50 to 90 yuan / ton, and the average price was 70 yuan, down 50 yuan / ton
.
In the spot market, the off-season consumption is deep, the purchasing psychology is cautious, and the high copper price suppresses the enthusiasm of downstream stockpiling, and the overall trading is weak
.
On the supply side, overseas copper mine disturbances appeared, mainly the First Quantum Core Panama mine in Panama
.
Chile and Peru have supply disruptions; Domestic copper import losses continued, and stocks in bonded zones increased
.
As of the week of January 7, the inventory of electrolytic copper in the Shanghai Free Trade Zone was about 85,000 tons, a net increase of 17,000 tons from the previous week, and the fifth consecutive week of accumulation
.
However, as the year draws closer, the pace of production of copper producers has slowed down, most companies have entered a state of holiday, and the release of resumption of production capacity is also limited, so the output expectation in January is weak
.
On the demand side, near the Spring Festival downstream consumption off-season atmosphere is getting stronger, the market is shrouded in a cautious atmosphere, processing enterprises operating rate is sluggish, downstream many small and medium-sized cable companies this week have opened pre-holiday closing preparations, while enameled wire port pre-holiday stocking decline, and the demand for fine copper rods continues to decline, in the off-season depression continues, consumption weakening expectations strengthened
.
Overall, the continued recovery of macro sentiment and better sentiment in the peripheral markets, coupled with China's first reopening of borders in nearly three years, and a series of measures to revitalize the economy and support the troubled real estate sector have helped to keep market sentiment high, further boosting market hopes
for China's economic recovery.
In addition, Goldman Sachs and foreign investment banks are bullish on Chinese assets, which is positive for risk appetite and fuels price trends
.
However, it should be noted that the World Bank has lowered the global economic growth rate for 2023 to 1.
7%.
This is down from 3%
expected 6 months ago.
And, the weak domestic real demand side, approaching the Spring Festival, weakening consumption expectations strengthened, further limiting the increase in copper prices
.
