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The sharp rise in copper prices this week has led to a general wait-and-see downstream, with the industry up and down mainly digesting inventory on hand, a lack of new orders, and a delay
in demand recovery.
Shippers are unable to ship, and it is estimated that the increase in warehouse receipts will be large
.
However, due to the lack of late arrivals, the actual downstream demand is good, the inventory of enterprises is low, and the requirements for replenishment are strong
.
European and American stocks tumbled on Thursday, with the Nasdaq falling more than 3 percent as Treasury bonds soared and the yield on 10-year U.
S.
Treasuries rose sharply to 1.
6 percent to close at 1.
5 percent
.
Factors such as the strengthening of inflation expectations and the concentrated maturity of debt have strengthened the upward momentum
of government bond yields.
With risk-free yields soaring above average dividend yields, macro funds are likely to adjust their asset allocations, with highly valued stocks such as technology stocks bearing the brunt
.
But yesterday, a number of Fed officials came out to shout that the increase in Treasury yields reflects the market's confidence in economic growth, there is no need to worry about inflation, and the Fed is far from contracting
.
In addition, yesterday's release of jobless claims unexpectedly fell to 730,000 last week, while the preliminary durable goods order value in January was up 3.
4% month-on-month, reflecting continued growth in manufacturing investment
.
Overall, the large-scale stimulus plan is about to be fulfilled, the strengthening of economic growth momentum is also accompanied by concerns about rising inflation, the high volatility of the stock market has intensified, but it is not enough to form a sustained decline for the time
being.
Spot market, discount quotations, downstream fear of high consumption is weak, traders are not
happy to buy.
The Fed continues to loosen monetary policy to support economic growth, still believes that the US will achieve its inflation target, institutions expect a shortage in the copper market this year, the outlook for economic recovery demand is good, and copper prices continue to climb
.
Overall, macro funds are still actively entering the market, determining the short-term rhythm, and it is difficult to significantly pull back before
the profit is realized.
Short-term due to the surge technology overbought seriously, coupled with the spot price structure is seriously unfavorable, may intensify volatility, hourly pattern rest is likely, pay attention to the small platform support
below 68500.
