The probability of destocking in the peak season is relatively large, and copper prices remain bullish in the long term

Externally, the continued weakness of the US dollar has benefited the metal sector as a whole, coupled with higher inflation expectations with higher crude oil prices, which is also more favorable for copper varieties with relatively strong financial attributes, so during the Spring Festival, LME London copper showed a very obvious rise
.

In the spot market, on the last trading day before the Spring Festival holiday, the average price of 1# electrolytic copper ran between 60,060 yuan / ton and 60,350 yuan / ton, and the average premium price of flat water copper ran between
30 yuan / ton and 50 yuan / ton.
In the spot market, the domestic market was closed during the Spring Festival, while the price of LME copper rose sharply by 4.
20% during the Spring Festival week, closing at $8318/mt
.

Fundamentally, the CSPT team finalized the copper concentrate processing fee floor price for the first quarter of 2021 at US$53/mt and US$5.
3/lb.
Decreased by $5 and 0.
5 cents from the fourth quarter of 2020, indicating that the market is still pessimistic about the future supply of copper concentrate, and on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand.