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The inner and outer copper markets are closed on
Mondays.
Driven by the US services index and employment data, US stocks rose sharply after the opening and reached a new high
.
The market is bullish on vaccination and possible stimulus policies, infrastructure interests are in the spotlight, and the dollar index is falling
in the short term.
Before the holiday, there were consumer buying orders and traders buying orders in China, and April was the best performance period in the peak season, and the market had expectations
for consumption.
On the macro front, the epidemic in Europe has been repeated, Sino-US economic data is better than expected, Biden announced infrastructure details, which did not exceed expectations, and the dollar pulled back; Overseas economic recovery is expected to be strong, and macro still supports
prices.
On the supply side, the supply and demand between mine and smelting is still in a tight pattern, and TC is still at a low level
.
On the demand side, copper inventories continued to increase, the spot discount pattern continued, and the refined waste price spread widened slightly
.
The traditional peak season of the copper market is coming, consumption has not been completely repaired, we should continue to observe the rhythm
of consumption recovery.
