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Copper prices continued to rise overnight, with the main 2203 contract closing at 71740 yuan / ton, up 0.
79%.
Today's Shanghai copper opened high, the latest opening price of the Shanghai copper 2203 contract was 71290 yuan / ton, up 450 yuan
.
Copper prices are expected to continue to rise
as more recent indications that China will provide further easing stimulus and support for economic growth, while investors' optimistic expectations for China's economic policies have boosted demand for industrial metals.
On the macro front, the country has recently introduced policies to stabilize the economy, the central bank cut interest rates by 10 basis points this week, the LPR interest rate was also lowered, and the central bank's press conference released a strong signal of economic stability, which boosted copper prices in the short term
.
Moreover, the overall color sector is strong recently, and the black series is also running strongly, and the market sentiment is optimistic
.
December social finance data showed that the issuance of national special bonds accelerated, coupled with the country's strong demand for stabilizing the economy, the market is optimistic about infrastructure investment in the first quarter, but in the context of the downturn in real estate, copper consumption in the next year needs to be verified
.
In terms of inventory, LME copper stocks continued to accumulate this week, and copper stocks in the previous off-season of year-end consumption will also enter the accumulation stage, and copper stocks in the previous period rose by 1,148 tons to 30,000 tons last week, and the support of low stocks on copper prices weakened
.
Next week's Fed interest rate meeting will be held, and in the context of high inflation in the United States, the Fed may continue to be hawkish and suppress
copper prices.
Therefore, short-term copper prices are expected to run strongly in market optimism, but the upside is limited
.
