On a macro level, Trump will take office later this month, and the market is digesting his high import tax plan ahead of schedule. The sharp rise in US copper prices has led to a rebound in Shanghai London copper prices. Some market participants believe that the probability of simply and roughly increasing import taxes is relatively low.

At present, copper prices are still in a range structure in the medium term, so short-term expected increases may not be sustainable. Inflation and employment are still key factors in the direction of copper prices in the medium and long term. Pay attention to the changes in non farm employment and unemployment rate in December.

Fundamentally speaking, the monthly production of refined copper in China remains at a high level, and although the domestic social inventory is at a low level in nearly a year, the decline trend has slowed down. If the social inventory accumulates significantly, copper prices or ranges will weaken and continue to explore the bottom.

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