Copper prices rushed back down, mainly weak bottoming

Boosted by Chilean strike fears and a weaker dollar, copper prices rebounded at the beginning of the week, reaching as high as above 76,000, and then entered a correction
again as oil prices fell.
On Wednesday, the fourth time the National Assembly issued price control remarks to "protect the supply of commodities and curb their unreasonable price rises", and some Fed officials re-discussed the reduction of QE that night, and the decline in copper prices expanded under the double news, and Thursday and Friday were in a stage of continuous weak bottoming
.
For the future market trend, based on the NDRC's previous statement that "commodity prices will return to fundamentals", combined with the current downstream start and spot market transactions, there is no basis for a sharp rebound in the short term, so the weak bottoming and over-falling rebound market will increase, and downstream customers need to pay attention to the rhythm
of stocking.

In the market, spot copper fell by 2970 yuan last week, and the copper discount is 80 yuan
.
The market first rose and then fell, the downstream willingness to receive the price above 75,000 was low, especially on Wednesday, the futures and cash fell together, and the holders have lowered the cash, but the buying wait-and-see mentality is heavy, the rise and discount is beginning to show signs of collapse, coupled with the introduction of macro-control news on the day, downstream consumption has played a certain role in the decline of the plate, paying attention to the impact
of the consumption side on the subsequent market.
In terms of import profit and loss, the US dollar index has recently declined, domestic price control, the market has fluctuated, the import profit window was once opened, and the gap is now
around 700 yuan / ton.

It is worth noting that the current copper price is still high, which has a restraining impact on downstream stocking, and the subsequent short-term copper price may form a price excess between capital and fundamental consumption, bringing a weak shock pattern and increasing volatility
.
In the medium and long term, thanks to the excessive green energy, copper demand still exists and the global copper mine development supply is weak, and there is still a preference outlook
.
It is expected that Shanghai copper is mainly weak to bottom out, pay attention to a slight rebound in the process of bottoming, and it is recommended to continue to pay attention to the consumption of
Shanghai copper inventory.