Upside resistance is still large and copper or shock adjustment

Fundamental news, in the last trading day, the average price of Shanghai Nonferrous Network 1# electrolytic copper was 45390, up 30, spot discount 65, discount narrowing 5
.
LME copper stocks decreased by 2,925 tonnes in the previous session, while futures inventories increased by 1,650 tonnes in the previous session, extending the growth trend
.
Rio Tinto said that in order to control the spread of the new crown pneumonia epidemic, Mongolia's copper concentrate shipments to China have slowed
.

On the macro front, Fed Chairman Powell reiterated confidence in economic expansion, and his overall remarks were moderate; Eurozone industrial output fell sharply in December as capital goods output fell 4 percent, suggesting a possible downward revision to GDP growth in the last quarter
.
Last night, U.
S.
stocks opened high and closed at a record high, the three major European stock indexes also closed higher, international crude oil prices rebounded, and market risk appetite sentiment was boosted, which was conducive to the rebound of copper prices; However, the rise of the dollar index above 99 has put some pressure
on copper prices.

In terms of the market, poor downstream orders and low transportation efficiency led to the accumulation of smelter inventories of finished products and by-products, the problem of sulfuric acid expansion was intensified during this period, and smelters were more willing to reduce production or early maintenance, so the bottom of copper prices was basically determined
.
However, because this week will usher in the peak of return, the possibility of worsening the epidemic is not excluded, and some areas need to continue to isolate at home after returning, the actual resumption of work is still relatively slow, in addition, downstream enterprises have replenished their inventory before the holiday, and the factory is mainly to digest its own inventory in the early stage of operation, and the price rebound momentum is insufficient
in the short term.
Therefore, before the epidemic is confirmed to ease, the investment sentiment is more cautious, and it is recommended that the prudent will wait and see
.