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Shanghai copper continued its strong rebound this week, with copper rising by 1,500 yuan
during the week.
On the macro news during the week, the spread of the epidemic in South America, Chilean copper concentrate supply is expected to be tight to support prices
.
On the other hand, the domestic economy has picked up, and the stock market has driven market confidence to bring copper prices
higher.
Last week, the end of domestic inventory dematerialization, consumption has off-season momentum, but the contradiction from the supply side is more prominent, Chile, Peru new crown has exceeded 300,000, coupled with TC continued to run low, tight supply is expected to provide copper prices with rebound momentum
.
On the macro side, investors are optimistic about China's economic rebound, funds have pushed A-shares up 8% this week on the basis of last week's rise of nearly 6%, while the recovery of European and American economic data is conducive to the rise of stock markets, and sentiment has pushed copper prices up
.
It is worth noting that the United States resumed imposing 25% tariffs on 98 Chinese goods on July 9, coupled with recent international disputes, Sino-US trade tensions have heated up again, paying attention to the situation
.
The short-term copper price rebound momentum is still there, maintaining strong expectations, and it is expected that there is still further upside after adjusting the shock above the 50,000 integer
.
Combined with the current situation, Shanghai copper in the main market confidence to promote the impact of the continuation of the V-shaped rebound, it is worth noting that the current price and fundamentals may have a mismatch phenomenon, the last period of electrolytic copper explicit inventory to maintain the upward, gradually into the off-season demand or into the price drag point, in the copper price into the high stage, copper market price leading factors or closer to the fundamentals, resulting in a slowdown phenomenon
.
At present, Shanghai copper is still in a strong position, the possibility of a sharp pullback is reduced, it is expected that there is still a strong possibility after the adjustment of Shanghai copper next week, pay attention to the stabilisation of the main force of 51,000 breakthroughs, or open up more upper space
.
In terms of operation, the downstream cautiously holds more wait-and-see mainly, just needs to take goods to maintain production, consider further opening the space after appropriate dispersion of purchase prices, while cargo merchants, it is recommended to fast forward and fast out, maintain capital circulation, and part of the inventory can be held on the
sidelines.
