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Copper market review: Shanghai copper main Cu2103 oscillated upward in the last trading day, the highest was 59720, the lowest was 58780, and closed at 59570, closing up 1.
33%, mainly volatile at night
.
Copper rose in volatility, closing at 8157, up 1.
03%.
On the macro front, China's financial data in January was released, with RMB loans increasing by 3.
58 trillion yuan in January, an increase of 225.
2 billion yuan year-on-year; M2 increased by 9.
4% year-on-year, compared with 10.
1% in the previous month; The scale of social financing was 5.
17 trillion yuan, higher than expected and the previous value
.
The Ministry of Commerce has once again made efforts to promote automobile consumption, and the demand for non-ferrous metals is expected to be boosted
.
The dollar index retreated last night, and the external non-ferrous metals performed strongly
.
Due to the decrease in the flow of personnel during the Spring Festival this year, the resumption of work after the holiday is guaranteed, and the market is more optimistic about the replenishment and consumption after the holiday, and the non-ferrous metals as a whole will be boosted
.
In terms of the market, most downstream companies have been on holiday, even a small number of companies that continue to produce are also taking advantage of the dip to stock up, traders will also have a full holiday this week, the focus of the market has shifted from the pressure of the off-season before the holiday to the recovery of demand after the holiday
.
Judging from last week's situation, the domestic epidemic situation is basically controlled, the new cases have dropped to a low level, there are no new outbreak areas, the management requires that the local government must not be one-size-fits-all for epidemic prevention and control, layer by layer, and the possibility of resuming work as planned after the holiday will increase, then demand will recover
quickly.
Overseas, it is concerned that Biden's stimulus plan is expected to be fulfilled soon and the vaccination effect is reflected, and the expectation of strong economic growth in the second quarter is very strong
.
Due to the weather and epidemic in South America, the import of refined copper, concentrate and scrap copper in February and March was relatively tight
.
Spot stocks were tight after the holiday, and copper prices were expected to rise strongly, which limited the range
of the pre-holiday correction.
