Economic uncertainty increases on the 23rd, copper may fall

The surge in the U.S. dollar and the continuous decline in oil prices put pressure on LME copper to continue its downward trend overnight and closed down at $129. Uncertainty about the impact of the epidemic on the economy has increased, and domestic demand for urgent work may weaken. Today, copper materials have fallen.

[Copper Futures Market] The U.S. dollar index rose sharply, and oil prices continued to fall under pressure. Lun copper continued to fall overnight. The latest closing price was $7,746 per ton, down $129, or 1.64%, and the trading volume was 1,408 hands down by 3583, and open interest 309890 hands increased by 1751 hands. In the evening, Shanghai copper opened lower and finished. The latest closing price of the main month 2101 contract was 57710 yuan/ton, down 790 yuan, or 1.35%.

The latest London Metal Exchange (LME) copper inventory on December 22 reported 119,600 tons, a decrease of 3,375 metric tons or 2.74% from the previous trading day.

The worsening epidemic in the UK, as well as new lockdown measures and travel bans, have increased uncertainty about the economic impact, and increased market risk aversion; domestic demand for work may weaken, rain and snow may lead to a decline in the operating rate of infrastructure projects and increase smelting capacity Continued to climb, the spot copper price is expected to fall today