1, London 12 16 News: On Wednesday, copper futures on the London Metal Exchange (LME) rose for the third consecutive day. As the world's number one metal consumer introduced policies to stimulate economic growth, the market's concerns about Omicron mutant strains were further alleviated.

2. As of 7: 00 GMT/KLOC-0, LME benchmark three-month copper rose by 0.5% to US$ 9,645 per ton. After the copper price rose by 26% in 2020, it rose by about 24.6% this year. However, since May, when 10 hit a record high of 10747.5 USD, the upward momentum of copper price was insufficient, and it continued to fluctuate sideways in the range of 9000 USD to 10000 USD. As China's economic growth slows down, the Federal Reserve may reduce its monetary stimulus. The weakness of China's real estate industry also worries the market about the prospect of China's metal demand.

3. However, due to the low global copper inventory and strong import demand in China, the transformation of electrification and green economy means that the long-term demand prospect of copper is optimistic, which means that the copper market is still facing rising risks.

1, Pfizer, a pharmaceutical manufacturer, claims that three injections of the company's vaccine can fight the Omicron mutant virus. The exchange rate of RMB against the US dollar in China rose to the highest level in 20 18 years, because the second RRR cut by the central bank released the long-term liquidity of 1.2 trillion yuan. The appreciation of RMB against USD means that copper priced in USD is more attractive to China buyers. According to the data released by the General Administration of Customs, China's copper imports increased by 24.3% in June +065438+ 10, the highest since March. As far as stocks are concerned, the copper stocks in registered warehouses and bonded warehouses of Shanghai Futures Exchange have decreased sharply since summer, reflecting the tight supply. However, the copper inventory in LME registry has rebounded from the historical low of 10, and the premium of spot contract relative to three-month copper has also dropped significantly, indicating that the supply has improved recently.

2. On Tuesday, Peruvian government officials failed to broker an agreement between Minmetals International (MMG) and the local community to lift the protesters' blockade of the Las Bombas copper mine road. This also highlights the risk of global copper supply disruption. Other metals closed at $2,628.50 per ton for LME aluminum, $33 15 per ton for zinc, $20,250 per ton for nickel and $2,279.50 per ton for tin.

3.LME inventory is still generally de-capitalized, supporting the external price, and the spot also maintains the premium pattern. Although the impact of the new virus is limited, the recurrence of the epidemic itself has also lowered market expectations. It is not advisable to expect too much before the Spring Festival. Enterprises should do a good job in risk management, especially smelting enterprises.