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The domestic commodity market continued to rebound, and the growth of black commodities expanded, driving the overall market sentiment
.
However, yesterday's LME copper stocks increased by another 17,000 tons, hitting the sentiment of the copper market, and copper prices fluctuated slightly, basically maintaining at $5,600
.
Shanghai copper holdings continued to decrease after delivery, and the spot discount remained at 40 yuan yesterday, but import losses continued to widen, suggesting a lack of interest
downstream in chasing up.
On the macro front, Trump's interference in the FBI's investigation of former national security advisers continued on Wednesday, with fears of impeachment, the dollar tumbling, and U.
S.
and European stock markets tumbling
.
The matter is still being hyped, but the political crisis has at least affected his push for tax cuts, infrastructure and other reform measures, and pay attention to the developments
.
In China, the Economic Daily said that stabilizing market volatility is not abandoning supervision, and strict supervision is just beginning, but the central government continues to release currency through 7-day reverse repurchase to maintain short-term liquidity
.
In terms of news, data released by the World Bureau of Metal Statistics showed that the global copper market was oversupplied by 148,000 tons from January to March this year, of which mine copper production increased by 2.
2% year-on-year, and refined copper production decreased by 0.
1% year-on-year, due to the decline in Chilean production, but the apparent consumption of China and Europe decreased
.
The apparent decline in consumption has been reflected in a sharp drop in Chinese imports this year, with traders forced to transfer stocks back to LME warehouses
.
However, the two large-scale inventory refluxes have exceeded 200,000 tons, and China's import window opens from time to time, and apparent consumption will increase
.
At present, the copper market is trapped in the transition from peak season to off-season and macro bearish expectations are heavier, spot can not maintain premium, market positions are at a low level, indicating that the contradiction between supply and demand is not prominent, lack of large-scale capital participation, it is easier to follow macro sentiment fluctuations, over time, off-season is expected to strengthen
.
Operationally, it is recommended to maintain the idea of holding the high and holding the bears, and the pressure zone
above 45500.
