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Copper market afternoon commentary: the United States additional stimulus plan hopes support, overnight London copper closed up $83 to a one-month high, supply may be a phased shortage, the recent accumulation range is low, copper materials rose
today.
After the advent of 2021, copper prices have shown a sideways trend as a whole, driven by Biden's presidency and a new round of stimulus bills at the beginning of the month, copper prices rushed all the way above 60,000 yuan / ton, and the highest rushed to around
60,800 yuan / ton.
Before the end of January, due to the continuous tightening of the liquidity margin of the domestic central bank, commodity and financial markets have given up the previous gains, and since late January, the pattern of high copper price volatility has been broken, and after the continuous pullback, the center of gravity of Shanghai copper fell to the range of 57,000-58,000 yuan / ton, while London copper fluctuated around
$7,800 / ton.
On the macro front, the overnight announcement that API crude inventories in the United States fell sharply by 3.
5 million barrels in the week ended February 5, well below expectations
.
Crude oil inventories unexpectedly decreased, and U.
S.
oil recovered from its low level and closed higher
overnight.
Risk sentiment continued to improve as optimistic expectations for the bailout plan and U.
S.
stocks rose, with the U.
S.
dollar index falling to its lowest level in more than a week in choppy trading, supporting copper gains
.
