Brief review of Shanghai copper on March 19

On the macro front, global central banks are likely to continue to maintain their current ultra-loose monetary and fiscal policies, and the US dollar is expected to remain weak
.
On the fundamental front, the CSPT team finalized the floor price for copper concentrate processing fees for the first quarter of 2021 at $53/mt and $5.
3/lb, down $5 and 0.
5 cents from Q4 2020, indicating that the market remains pessimistic
about future copper concentrate supply expectations.
On the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, and the next peak season destocking probability will still form a strong support for copper prices, maintaining the long-term bullish judgment
of copper prices.

The Federal Reserve maintained dovish, the new year negotiations between China and the United States were strong, and the downturn in domestic stocks after midday hit market confidence
.
At present, the volatility of U.
S.
bonds continues, the decline of the U.
S.
index re-supports the bottom of London copper to stabilize, it is expected that the short-term copper market still maintains a range-bound trend, the overall amplitude has shown signs of narrowing, pay attention to fundamentals and news to stimulate the formation of a range breakout, London copper focus on around $8800-9300
.