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Shanghai copper is running strongly today, closing at the end of the day Shanghai copper main 2105 contract closed at 67360, up 1670, or 2.
54%.
Domestic automobile consumption data is eye-catching, of which new energy vehicles increased by 584.
7% year-on-year in February, the China Association of Automobile Manufacturers is optimistic about the future of automobile consumption, market confidence is boosted, and Shanghai copper accelerated its rise in the afternoon
.
In addition, U.
S.
bond yields and U.
S.
indexes have fallen and macro news is favorable, and it is expected that there will still be upward performance at night, the main reference range: 6.
7-68,500, operationally recommended that merchants wait and see, downstream just need to stock
.
On the macro front, the U.
S.
House of Representatives voted to pass a $1.
9 trillion economic stimulus package, and the U.
S.
CPI rose 0.
4% month-on-month after the quarterly adjustment in February, in line with expectations, easing the market's concerns about inflation, the 10-year U.
S.
Treasury yield fell, and the dollar index retreated
.
U.
S.
stocks closed divergent, with the Dow hitting another all-time high
.
China's CPI fell 0.
2% year-on-year in February, showing negative growth for the second consecutive month; The PPI rose 1.
7% year-on-year, an increase of 1.
4 percentage points
from January.
China's social financing and credit increments exceeded expectations in February, M2 growth picked up rapidly, and financing demand for the real economy was relatively strong
.
The trading logic of copper prices after the holiday is mainly macro, and after the rapid rise after the holiday, the current adjustment is close to 2 weeks, and the price high has fallen close to 4,000 points
.
The US $1.
9 trillion stimulus package was passed by Congress and is about
to be launched.
When the plan is about to be launched, copper prices may be volatile
in the short term.
At present, the fundamentals of copper are still strong, mainly due to low inventories and tight supply, but after the price pullback, the fundamentals have not been confirmed
.
