Last Thursday, Shanghai copper opened weakly and fluctuated within a narrow range within the day. The opening price of the main monthly 2401 contract was 68050 yuan/ton, with a high of 68190 yuan/ton and a low of 67200 yuan/ton. The closing price was 67480 yuan/ton, a decrease of 240 yuan or 0.35%.

During the Asian session, LME copper opened with a jump in price, with a strong intraday trend. The latest quote at 15:01 Beijing time was $8289/ton, up $42, or 0.51%.

In terms of the market, domestic spot copper prices have fallen. The price of Changjiang Spot 1 # copper was reported at 68300 yuan/ton, a decrease of 490 yuan, with a premium of 350 to 390 yuan, a decrease of 30 yuan; The comprehensive copper price of Changjiang No.1 is reported at 68295 yuan/ton, a decrease of 475 yuan, with a premium of 310 to 420 yuan, a decrease of 15 yuan; The spot price of 1 # copper in Guangdong is reported at 68330 yuan/ton, down 450 yuan, with a premium of 300 to 500 yuan, up 10 yuan; The price of 1 # copper in Shanghai was reported at 68260 yuan/ton, a decrease of 480 yuan, with a premium of 290 to 370 yuan, a decrease of 20 yuan.

The spot market trading is sluggish, with a slight decrease in premium prices and tight market liquidity. However, traders maintain a bearish attitude, and downstream inquiries are less active. A few buyers have taken the initiative to replenish inventory at low prices, resulting in average overall transaction performance.

Recently, the US dollar index has remained strong, and oil prices have plummeted to June lows, exacerbating market concerns about demand. Risk appetite has fluctuated, putting significant pressure on copper prices. However, customs data shows that domestic copper imports in November reached their highest point in nearly two years, highlighting strong domestic consumption and limiting the decline in copper prices. However, currently in the traditional off-season and approaching the end of the year, the actual weak consumption of terminals is difficult to improve, and copper prices are under pressure. Therefore, Shanghai copper faces a dilemma in the short term, maintaining range oscillation.