1、 Trend analysis

On the 12th, the spot copper price was 58300 yuan / ton, down 2.02% from the previous day, up 0.6% from the beginning of the year, and up 19.9% from a year earlier. LME3 copper rose in shock, closing at $7975, up 1.65%. Shanghai copper’s main force rebounded after the early opening, closing at 58710 yuan, or 0.07%. The main international copper contract closed at 52220 yuan, up 0.10%.

The negative news of the epidemic situation exacerbated the demand worries, and the overnight Luntong fell sharply to close down nearly 3%. With the arrival of the traditional domestic off-season, the demand tends to weaken, and the inventory may accumulate. The first quarter of previous years is the accumulation period. The production of refined copper increased significantly in December compared with that of the previous year. At the end of the year, the large-scale smelting continued to arrange production at a high level, and the traders mainly stayed on the sidelines, while the downstream purchased at a low price, and the transaction was slightly improved. On January 12, the copper warehouse receipts of the previous period were 26019 tons, down 875 tons from the previous day. Copper is expected to be weak or volatile in the short term.