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Today's Shanghai copper volatility is lower
.
At the end of the day, the main 2105 contract of Shanghai copper closed at 66720, up 80, or 0.
12%.
The increase in copper inventories limited the increase in copper prices during the day, and the US index rushed to suppress copper prices, and copper prices continued to fall
.
However, the situation on the consumer side has improved, and domestic automobile production and sales in March increased by 71.
6% and 74.
9% year-on-year, respectively, which may boost market confidence, and a slight rebound
is expected overnight.
On the macro front, Fed Chairman Jerome Powell downplayed the risk of runaway inflation, promising to restore the US economy to glory and respond if inflation expectations are significantly higher than expected
.
Although the current copper price valuation is high, based on the background of tight supply and low inventory, the support below copper prices is strong, and in the absence of macro bearishness, the downside space of copper prices is relatively limited
.
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.
Short-term macro market sentiment is better, coupled with South American copper mine supply concerns, copper prices are expected to run
strongly.
