February 2 copper market morning review

In the recent stage, global asset prices, especially the high level of the stock market and commodities, have fallen, and the "pro-cyclical" varieties led by copper and aluminum are limited by the weakening of supply and demand in the traditional off-season in the uncertainty of macro expectations, and short-term price shocks give up some of the previous gains, it is recommended that industries and institutions focus on production profit preservation, unilateral speculators mainly operate on copper and aluminum short-term bands, pay attention to the rebound opportunity after the copper and aluminum pullback, and pay attention to controlling positions
.

Last week, although the Fed kept interest rates unchanged and maintained its bond-buying program, the market had doubts and concerns about monetary tightening, coupled with the domestic central bank's use of reverse repurchase net withdrawal to significantly recover liquidity, copper prices showed a large correction
.
After the foundation is consolidated, the medium- and long-term upward drive of copper prices is still there, and it is still bullish
in the medium term.
However, in the short term, due to the year-end effect, demand gradually weakened, copper prices sought support downward, even if there is a macro favorable stimulus, it is difficult to start the upward trend in the short term
.
At the same time, under the background of low overall explicit inventory, the range of copper price correction may be limited, and the trend is likely to complete the adjustment
by time for space.