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Copper market morning comment: Shanghai copper Cu2106 fluctuated higher in the last trading day, the highest to 67340, the lowest was 66420, closed at 66970, closed down 0.
1%, and the night volatility was strong
.
London copper also rebounded slightly, closing at 9009.
5, up 0.
89%.
At the macro level, Federal Reserve Chairman Jerome Powell reiterated his accommodative rhetoric and downplayed the risk of runaway inflation, U.
S.
Treasury yields fell, the U.
S.
dollar index weakened sharply, and the three major U.
S.
stock indexes closed up
collectively.
Boosted by the weakening of the US dollar, non-ferrous metals rose
.
In terms of fundamentals, the CSPT team failed to finalize the floor price of copper concentrate processing fees in the second quarter of 2021, indicating that the market may have a certain installment for the future supply of copper concentrate, but it is still difficult to say that it is rich, and on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, and the next peak season destocking is likely to form a strong support for copper prices, temporarily maintaining the long-term bullish judgment of copper prices, but if the destocking in the second quarter is not as expected, The rise in copper prices may be weaker
than previously expected.
