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In the past week, the LME March copper fluctuated widely, diving many times during the week, and rebounded after reaching the lowest point of the week of $4578 on Wednesday, but finally pulled lower, and rebounded again on Friday, closing at $4624 during the domestic trading session, up $21, or 0.
46%.
This week's Shanghai copper main 1604 contract wide volatility, Monday night gap high and after peaking 36560 yuan after falling, maintain unilateral decline, Wednesday night stabilized and rebounded, but the upward momentum is slightly weaker, Thursday night fell again and bottomed out 35550 yuan, Friday slightly rebounded, and finally closed at 35840 yuan, down 80 yuan, down 0.
22%.
Macro: Affected by the tight capital situation in the Chinese market this week, China's stock market once again ushered in a sad situation
of thousands of stocks falling to the limit.
In response to the tight capital problem in the market, the central bank has continuously carried out reverse repurchase operations to release liquidity and ease the pressure on market funds, but the effect of pressure relief in the short term has not yet been reflected, and China's recent economic data is not optimistic, especially the manufacturing industry is still facing the risk
of tightening.
In terms of the market: the main trading range this week is about 35460-35930 yuan / ton, the premium is mainly in C300-C110 yuan / ton, the price fluctuates and falls, and the discount first declines and then rises
.
This week, downstream procurement was slightly weaker as some small and medium-sized downstream manufacturers delayed the resumption of work, and trading activity was mainly concentrated among traders in preparation
for the long order delivery in early March.
Downstream manufacturers that have resumed work have no stock demand due to unsatisfactory orders, and only maintain on-demand procurement, mainly wait-and-see
.
At present, copper prices remain in the range of 35,000-36,000, and 35,000 can be seen as short-term support
.
With the arrival of the peak season, the expectation of gradual recovery of consumption heats up, copper prices still have some room to rise, but the dual pressure of supply and demand does not support the long-term rise of copper prices, if the expectation is disappointed will bring huge pressure on copper prices, short-term downstream enterprises start and procurement is still the focus of
attention.
