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Shanghai copper fell today, closing at the end of the day Shanghai copper main 2105 contract closed at 65600, down 730, or 1.
1%.
U.
S.
Treasury yields and U.
S.
indices remained strong, market sentiment was cautious, and Shanghai copper was weak during
the day.
Domestic manufacturing PMI data for March is good, and there is still support
below.
Pay attention to the infrastructure plan that Biden will announce at night, it is expected to stabilize at night, or there will be a slight rebound, the main reference range: 6.
5-66,400, merchants are mainly wait-and-see, and downstream bargain stocks
.
On the macro front, US President Joe Biden will announce the infrastructure plan on Wednesday, the market is optimistic about the US economic outlook, boosted by the infrastructure plan, US Treasury yields hit a new high 10 years ago, and the US dollar index rose above the 93 mark intraday, the highest level
in nearly five months.
U.
S.
Treasury yields rose sharply, and the continued rise of the U.
S.
index increased upward pressure on copper prices, and fell under pressure overnight
.
LME copper stocks have increased by more than 10,000 tonnes, up more than
90% since early March.
The tight pattern of copper concentrate is still continuing, but domestic inventories have not yet shown an inflection point, and under the influence of high prices and copper scrap substitution, the current refined copper consumption is less than expected, and spot copper prices are expected to fall
.
