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Today's Shanghai copper volatility is lower, and Shanghai copper accelerated its decline in the afternoon
.
At the end of the day, the main 2105 contract of Shanghai copper closed at 65090, down 520, or 0.
79%.
At the macro level, US President Joe Biden announced a $2 trillion infrastructure plan
.
The 8-year program aims to rebuild America's aging infrastructure, promote electric vehicles and clean energy, and create jobs
.
Workers at Codelco, Chile's national copper company, accepted the company's new contract, easing fears
of a supply-side strike.
Although the current copper price valuation is high, but based on the background of tight supply and low inventory, the support below the copper price is strong, in the absence of macro bearishness, copper price decline space is relatively limited, short-term probability is to digest high valuation
in time.
After the completion of copper prices and the confirmation of fundamentals (real demand), that is, driven by the accumulation of real demand under the global economic recovery, copper prices will resume their upward trend
.
