April 19 Shanghai copper brief commentary

On the macro front, the epidemic situation overseas is still serious, especially in emerging countries; Economic data such as China and the United States are strong, market risk sentiment has rebounded, and macro still supports
prices.
Powell reiterated his "dovish" stance, US Treasury yields fell and the dollar continued to weaken
.
On the supply side, TC rebounded slightly, refined copper production grew rapidly, and imports also showed a high growth rate
.
On the demand side, the marginal recovery of terminal demand, but the domestic copper inventory increased slightly, and the downstream fear of heights after the sharp rise in copper prices was obvious, and the spot transaction was cold
.
We should continue to observe the recovery of
consumption.

After hitting a high on Friday, it rebounded to the upside
during the day.
At present, the domestic stock market continues to stimulate the confidence of the Shanghai copper market, coupled with the continuation of global green energy expectations and the loose monetary pattern, maintaining the preference outlook in the middle of the first half of the year, but short-term domestic fundamental consumption still needs to be confirmed, and the possibility of volatility under the condition of market confidence driving funds increases
.
Pay attention to the recent situation near the pressure of 70,000 above, and the night session may have a slight adjustment and accumulation, and there is still a strong possibility
.