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Today's Shanghai copper volatility fell, the end of the diving dives, the end of the day closed Shanghai copper main 2105 contract closed at 66740, down 770, or 1.
14%.
In the afternoon, the US index was strong, the macro news was light and the downstream consumption momentum was insufficient, market confidence or hit, copper prices accelerated their decline in the afternoon, breaking
downward.
It is expected that there will be a continued pullback performance during the night
.
On the macro front, China's production and consumption data in February generally exceeded expectations and returned to pre-epidemic levels, and yesterday's executive meeting of the State Council pointed out that the macro leverage ratio should be basically stable, the government leverage ratio should be reduced, and domestic policies are expected to be steadily normalized
.
Overseas, the AstraZeneca vaccine has been stopped
by many European countries such as Germany and France due to potential thrombosis risks.
In terms of fundamentals, TC continues to decline, the phased tension on the supply side has intensified, consumption has not been fully repaired, and the pace
of consumption recovery should continue to be observed in the future.
After the market enters a stage of increased divergence, volatility may intensify, coupled with short-term favorable exhaustion, copper prices may still be dominated by wide volatility
.
However, copper prices are expected to still have room
to rise as fiscal stimulus funds reach residents and entities, which may significantly boost demand.
On the whole, overseas policies have not yet shown signs of tightening, and domestic policies are mainly
stable.
Vaccines continue to advance, and economic recovery at home and abroad is expected to be strong
.
Macro may still be supportive
of prices.
