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Copper prices reached a new high last week, and as of 3 p.
m.
on Friday, the main 2101 contract of Shanghai copper closed at 57830 points, a weekly increase of 0.
66 or 380 yuan
。 With the gradual digestion of the previous favorable situation, the heat of funds cooled down, and copper prices began to maintain a sideways trend since early December; On Thursday evening, the ECB's emergency bond purchases expanded by 500 billion euros for nine months, while also providing new long-term loans to banks; Coupled with the fact that European and American countries began to be vaccinated this week, the risk of uncertainty cooled, the dollar index turned down, demand expectations stimulated oil prices to break upward, favorable for most of the external metals to strengthen, copper prices rose sharply to break through the previous high, London copper is close to the 8000 mark
.
In addition, the market has high expectations for the future market of new energy vehicles, driven by funds, the market soared and fell on Friday, so the focus of the future market maintained an upward shift expectation, but under a large number of sell-offs within the day, it is expected that there is still a downward risk
.
The landing of the EU's new stimulus policy during the week drove Shanghai copper further up the range, but on Friday, the rapid dive of Shanghai copper by the shadow of the disk change hit market confidence, and the short-term capital momentum was suspended
.
In the long run, Shanghai copper maintains a strong outlook, the main logic of which is that Biden and domestic new energy development policies are expected to boost metal demand, coupled with the long-term decline in copper ore taste, bringing tight supply and demand to benefit copper prices
.
In terms of the market, spot copper rose 720 yuan last week, due to the previous import copper into the market supply abundant, the discount was adjusted to Wednesday, Thursday again resumed the tight situation, the premium stopped falling back to stability, Friday by the market soared more than 1,000 yuan, the market stopped, holders actively adjusted the price to sell cash, there is some discount, but the downstream fear of heights continues, off-season transactions remain tepid
.
In terms of import profit and loss, the high level of the RMB during the week remained stable, the strength of copper prices outside and the weakness inside were not obvious, and the import profit window continued to close, and the gap remained around 380 yuan / ton
.
At present, Shanghai copper has entered the traditional seasonal base, Shanghai copper rush high loss affects market confidence to bring momentum, it is expected that next week's Shanghai copper high volatility is dominant, the plate capital adjustment to further find direction, pay attention to the competition around 58,000, or have a strong performance
.
