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Last week, copper prices showed a trend of soaring and falling, driven by market optimism and good credit data, Shanghai copper once again hit the high, combined with the new national urbanization policy on infrastructure to provide some support
.
However, in the later period, the poor data of passenger cars and the strong US PPI index, Shanghai copper as a whole continued to fall under pressure
.
Short-term news is bearish and copper price factors increase
.
In terms of the market, with the peak demand season gradually carried out during the week, the overall transaction situation of the market was good, and the cargo holders were firmly elevated when the delivery was gradually approaching, and the downstream receiving situation also gradually improved with the downward trend of Shanghai copper prices.
The loss of imported copper still continued to be about 1600 yuan, in the case of tight copper concentrate supply expectations and demand has not yet grown significantly, Shanghai copper showed a continuous volatility, and the recent import of refined copper data is expected to continue to decline
.
Domestically, on the morning of April 11, the Bureau of Statistics announced that China's CPI in March rose 2.
3% year-on-year, hitting a five-month high; In March, the PPI rebounded to 0.
4% year-on-year, hitting a three-month high
.
Among them, the increase in pork was driven, inflation data increased, and PPI recovered slightly but still at a low level
.
Internationally, the US Department of Labor released data on the 11th, boosted by the sharp rise in gasoline prices, the US PPI rose 0.
6% last month, the largest monthly increase since October last year
.
After the news, the US dollar regained the 97 mark strongly, and copper prices fell under pressure
.
Also on the 11th, the Fed released the minutes of its March meeting, which showed that considering the current risks, most Fed officials believe that interest rates
should not be raised this year.
The minutes of the Fed's March meeting hinted that interest rates would not be raised during the year, and the market was increasingly predicting interest rate cuts, from the recent data, the US labor market continued to perform strongly, coupled with the weakness of the European economy, and the delay of the Brexit date and other factors, the dollar as a whole remained high and volatile, and copper prices were bearish; Domestic inflation data rose, while PPI remained low; Now that the downstream consumption side has warmed up, and the reduction in inventories has also been confirmed, which has supported the bottom of copper prices, and it is necessary to pay attention to whether demand can be further improved
.
It is expected that next week's copper price volatility trend, London copper operating range of 6350-6550 US dollars, Shanghai copper main force 4.
85-5000
.
