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Yesterday's Shanghai copper shock retreated, the main month 1605 contract closed at 37570 yuan / ton, down 150 yuan / ton from the previous trading day, down 0.
4%.
Affected by the decline in the domestic stock market during the day, Shanghai copper fluctuated down, the current favorable factors are limited, the market is long and short game, it is expected that the copper market will still be dominated by the shock consolidation pattern in the short term
.
Yesterday, the London market opened on the first day after Easter, weighed down by the higher US dollar, and London copper opened low and lower throughout the day; As of 16:00 Beijing time, the latest quotation of London metal (LME) copper was $4,926, down $32
.
On the macro front, abroad, two weeks ago, Yellen emphasized slowing down the pace of interest rate hikes while cutting her expectations for this year's rate hikes from 4 to 2, but last week, 4 Fed officials jumped out to express hawkish views and publicly support the April rate
hike.
This reversal came too quickly, so market investors were generally cautious
.
Domestically, the latest data released by the National Bureau of Statistics shows that from January to February this year, industrial enterprises above designated size in the country achieved a total profit of 780.
71 billion yuan, an increase of 4.
8%
year-on-year.
Among them, the revenue of mining owner-operated business was 643.
32 billion yuan, down 16.
0% year-on-year; Total profit was a loss of 8.
14 billion yuan, compared to a profit of 38.
58 billion yuan
in the same period last year.
In the spot market, on March 29, the price of Yangtze River spot 1# copper was 37610-37630 yuan / ton, down 30 yuan / ton from the previous transaction; Shanghai spot 1# electrolytic copper reported 37565 yuan / ton, down 55 yuan / ton
from the previous trading day.
China's economy is showing signs of recovery in the short term, coupled with the arrival of the seasonal demand season, copper prices may be supported
in the short term.
