Copper prices fell on 2020 Dec. 14th,purchase willingness is low

The trend of Shanghai copper is weak today.

The main month 2101 contract opened at 57650 yuan/ton, the highest intraday was 58050 yuan/ton, the lowest was 57220 yuan/ton, the settlement was 57700 yuan/ton, and the closing price was 57850 yuan/ Tons, fell 300 yuan. The trading volume of Shanghai Copper's main 2101 contract decreased by 130804 hands from 149,246 hands throughout the day, and open interest decreased by 4188 to 98,380 hands.

Today, the domestic spot copper prices, the Yangtze River Nonferrous Metals 1 # copper price reported 58,000 yuan / ton, down 90 yuan, 70 liters of water 130 liters of water; Guangdong spot 1 # copper price reported 57,980 yuan / ton, Down 80 yuan; the Yangtze River spot 1# copper price was 58020 yuan/ton, down 150 yuan, and the premium was 80-100 yuan; the Shanghai spot 1# copper price reported 57920 yuan/ton, down 475 yuan.

CCMN copper market analysis:

During the Asian trading hours, the LME copper fluctuated strongly. The latest price at 15:00 Beijing time was $7,807/ton, up $38.5, or 0.50%.

In the spot market, the wait-and-see sentiment is strong, the willingness of downstream purchases is not high, and the trading volume before the month change is weak.

The epidemic situation in Europe and the United States is severe, and the new round of stimulus plan in the United States has not yet landed.

However, the current global copper inventory is at a low level, and China's demand is expected to be better, and the downside of copper prices is limited.