On December 6, the People’s Bank of China announced that it will reduce the deposit reserve ratio of financial institutions by 0.5 percentage points from December 15 (excluding financial institutions that have implemented a 5% deposit reserve ratio). After this reduction, the weighted average deposit reserve ratio of financial institutions was 8.4%. In the spot market, the source of imported goods has increased, holders have concentrated their shipments, the willingness of receiving parties to receive goods is weak, market sentiment is weak, and transactions are mainly held at low prices, and overall transactions are average. As the market’s panic over the Ome Keron mutant virus subsides, China’s implementation of a more loose monetary policy will help support copper prices. The central bank’s overall RRR cut is in line with market expectations. Impact, it is expected that the short-term copper price will still maintain the trend of volatility.

　　Related listed companies: Jiangxi Copper (600362), Tongling Nonferrous Metals (000630), Yunnan Copper (000878).