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Copper market morning comment: On Tuesday night, the turmoil in overseas financial markets intensified, U.
S.
stocks recovered losses after a flash crash, bulk industrial products continued to be strong, and London copper continued to hit a new high and performed strongly
.
As of the close, London copper futures closed at 9250 US dollars / ton, up 136.
5 US dollars / ton, domestic nonferrous overnight trading followed, Shanghai copper futures Cu2104 reported 68060 yuan / ton, up 0.
75%.
After the recent start of the "Dr.
Copper" Year of the Ox, the "spring restlessness" will continue in the medium term, but it should be noted that the short-term rapid rise may take time to digest, focusing on the spring rebound window period of the overall non-ferrous sector under the policy expectation on the eve of the domestic two sessions
.
The US stimulus package has made progress again, the overseas epidemic has improved significantly, the UK will choose to plan to lift restrictions, maintain 0 new additions at home, abundant market liquidity, and the rise in Treasury bond yields reflects the market's expectation of economic improvement; The top leaders of China and the United States called, Biden released goodwill, these macro factors are expected to ferment, which is positive for copper prices
.
On the other hand, Chile and Peru transportation is not smooth, the supply has a certain dry burning in the short term, LME copper stocks have also continued to decline, although the domestic inventory level has increased slightly, but compared with the same period of previous years, the overall accumulation is low, and the downstream start may be earlier than in previous years, demand is expected to start early, copper prices may remain strong
.
