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Today's Shanghai copper rose strongly during the day, closing the Shanghai copper main 2106 contract at 70980, up 1650, or 2.
38%.
May Day short holiday is coming, downstream enterprises low inventory under the signs of receiving goods increased, the resistance to the high copper price has been eliminated, under the global monetary easing pattern, copper prices are mainly driven by market confidence, under this round of stocking stimulus or re-bring a new round of upward cycle
.
At present, there is still an expected imbalance in the medium and long-term green energy and copper mine supply pressure, and there is still a preference expectation in the medium term, paying attention to the pressure around 73,000 above Shanghai copper
.
In the macro aspect, the epidemic situation in major countries has improved, but some emerging market countries have remained at a high level, and the resumption of work in Europe and the United States has continued to improve; Economic data from China, the United States and Europe were strong, and market risk sentiment rebounded
.
Recently, the US dollar index has continued to weaken
as the advantages of the epidemic, the decline in US bond interest rates, fiscal stimulus and other favorable factors have faded in the short term.
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 inflection point of domestic copper inventories is not obvious, and the downstream fear of heights after the sharp rise in copper prices is obvious
.
The pace
of consumption recovery should continue to be observed.
