SunSirs: The Morning Post of Copper on December 23rd
December 23 2024 15:29:15 SunSirs (John)
On the previous trading day, London copper opened at 8,885 US dollars/ton, peaked at 8,953.5 US dollars/ton,, and closed at 8,944 US dollars/ton; Compared to the previous trading day, it rose by 59 US dollars/ton,, an increase of 0.66%.
On a macro level, the Federal Reserve will lower interest rates by 25 basis points as scheduled at the end of the year, which is in line with market expectations, resulting in limited fluctuations in copper prices. However, decision-makers did not unanimously support the interest rate cut this time, and Federal Reserve Chairman Powell's remarks suggest that the United States may enter a very slow cycle of interest rate cuts, putting pressure on copper prices.
From a fundamental perspective, the annual long order processing fee for copper concentrate has significantly decreased compared to last year, while the spot TC of copper concentrate has returned to single digit levels. In addition, domestic refined copper social inventory continues to decline, and the shortage of raw materials and destocking are expected to benefit copper prices in the short to medium term.
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