1、 Trend analysis
On the 16th, the spot copper price was 57918.33 yuan / ton, 0.8% higher than the previous day, 18.12% higher than the beginning of the year, and 18.83% higher than the same period last year. Copper remained high volatility in LME3 today, closing at US $7797, up 0.19%. The main trend of Shanghai copper showed an upward trend, with the highest closing at 58190 yuan, and the last trading was up at 57850 yuan, up 0.47%. The main international copper contracts remained high and volatile, and closed at 51660 yuan, up 0.62%.
According to the data, China’s factory output rose at the fastest rate in 20 months in November, thanks to the recovery of consumer spending and the gradual easing of restrictions related to the new epidemic in major trading partners. China is the world’s largest copper consumer, accounting for nearly half of the world’s 24 million tons of copper consumption. At present, China’s fixed asset investment continued to improve in November, and domestic inventory fell to a new low in recent years. At present, the global copper Inventory (including domestic bonded warehouse) is only 792000 tons, which is at the low level in nearly five years. The low inventory supports the copper price to strengthen. Copper prices are expected to be strong in the short term.
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