February 23 Shanghai copper brief commentary

Expectations of fiscal stimulus in overseas markets during the holiday season and easing of the epidemic have become the main positive factors
driving copper prices up.
U.
S.
Treasury Secretary Yellen stressed the importance of providing financial support to promote economic recovery at the G7 meeting on the 12th, and the G7 should provide a "large" financial support plan
.

In terms of the epidemic, the number of new confirmed cases of the new crown in the world has fallen for the fifth consecutive week, and the number of new confirmed cases last week was the lowest number of
new cases in a single week since October last year.
The number of new weekly cases globally has fallen by nearly half
this year.
During the Spring Festival, the domestic economy showed strong recovery vitality, and the market was shrouded in optimism
.
After the holiday, the opening commodity market was red across the board, and Shanghai copper also jumped high to break through the previous high, and funds poured in and rose
continuously.

The global market economic recovery and inflation expectations are strong, the US stimulus policy is again positive, and the dollar index fell
within the day.
The gradual resumption of work and production after the domestic holiday, coupled with the zeroing of domestic medium and high-risk areas, the gradual recovery of the demand side is expected to boost copper prices
.
Digesting the good news in the early stage, Shanghai copper has slowed down from yesterday's rally, but the fundamentals and macro have strong support for copper prices, and copper prices have recently sorted out
at a high level.
It is expected to run in the Shanghai copper range at night, the main reference range: 6.
7-69,000, it is recommended to wait and see in operation, and the downstream short cycle just needs to be stocked
.