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Copper market morning comment: yesterday's copper main contract rose 0.
99% to 72380 yuan / ton, 1# electrolytic copper settlement price 72335 yuan / ton, the basis of the futures continued to narrow
.
The price retreated after unsuccessfully challenging the $10,000 mark, but met support
at the 5-day moving average.
Macro-level, the market focuses on the US employment data for April next Friday, which is related to the timing of the return of US employment to pre-expected levels, as this is the main basis for
whether the Fed's policy will change.
Back to copper, weak inside and strong outside is still the main feature, import losses of more than 1,000 yuan, we will see an increase in Chinese manual exports and bonded inventory, and the suppression of entities by rising commodity prices is underway, but only when the limit is reached, the policy can be turned, and the atmosphere of short-term commodity price increases is still intact
.
Technically, the trend of copper mines challenging highs continues, with key support at February
highs.
The US dollar index is still the main reference indicator
of the market.
In the short term, liquidity will not be a strong obstacle to the upside of copper prices, and inflation expectations will continue
.
Downstream demand is temporarily under pressure, the pace of power grid investment in the second quarter is slow, and the current inventory of air conditioners is at a historical high, making it difficult to drive copper demand
in the short term.
