The market enters a holiday state Shanghai copper or maintains a volatile pattern

Overnight London copper opened at 9858 US dollars / ton, the US market London copper from a high of 9878.
5 US dollars / ton oscillated downward, until the end of the test low 9700 yuan / ton, and finally closed at 9725 US dollars / ton, down 1.
82%.

On the macro front, the preliminary annualized quarterly rate of GDP for the fourth quarter announced by the United States yesterday recorded 6.
90%, a new high since the fourth quarter of 2020, and the expected value and the previous value were 5.
50% and 2.
30%
respectively.
This once again boosted the trend of the dollar, which rose to the 97 mark yesterday and copper prices retreated, but inventory growth was the main reason for the fourth quarter GDP growth, contributing 4.
9% to the fourth quarter GDP growth rate and is expected to remain the driving force
of economic growth in 2022.
In the face of ongoing supply shortages, companies have been relying on inventories to meet strong demand for goods throughout 2021, which may still suggest that inflation may not be resolved
in the short term.

In terms of spot, today is the last trading day before the Spring Festival holiday, and the discount in the spot market has fallen again
.
After traders who intend to sell goods at a high price take the initiative to reduce to the market-acceptable flat water price, only a small number of trade buying orders receive goods, and the quotation has gone all the way down, and there are few market participants, and it is difficult to actually trade.

From a fundamental point of view, the market gradually entered a holiday state, trading was cold, Shanghai copper discount declined, South China copper discount remained low
.
In terms of stocks, LME destocking was 0.
10 million tonnes to 91,400 tonnes, and SHFE stocks rose 0.
09 million tonnes to 14,500 tonnes
.

Overall, copper prices may maintain a volatile pattern
when the dollar is strengthening but inflation is still high.