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Today's Shanghai copper accelerated its rebound after stabilizing slightly in early trading, and the main 2109 contract of Shanghai copper closed at 70330, up 770, or 1.
11%.
U.
S.
employment data is good, the Federal Reserve has repeatedly tightened monetary policy in advance, Biden has increased his efforts on new energy vehicles, coupled with the increase in Chilean copper mine strike disturbance, the news is positive for copper prices, and Shanghai copper touched a support level around 69,500 within the day to stabilize and rebound
.
However, at present, the spread of the domestic epidemic has intensified, which has an impact on copper consumption, and it is expected that Shanghai copper will still be subject to the range after a slight rebound in the near future
.
Concentrate processing fees are now back up to $50, indicating an improvement in mine supply, but sustainability remains to be watched
.
Domestic demand is relatively good, domestic inventories continue to decline and continue to rise in spot, and the inventory in the previous period has fallen below 100,000 tons; Shanghai port premiums have rebounded, and import demand is expected to rise; LME spot shows a discount
.
The short-term domestic epidemic tends to be serious, market caution may increase, short-term copper prices may fall and adjust, it is recommended to pay attention to Chilean mine production, copper downstream starts, inventory and spot conditions
.
