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Copper market morning comment: Shanghai copper main Cu2105 after the shock in the last trading day, the highest to 67770, the lowest at 65410, closed at 67360, closed up 3%, night trading volatility
.
Copper ran stronger, closing at 9125, up 2.
6%.
At the macro level, the ECB left its quantitative easing unchanged and pledged to accelerate the pace of
asset purchases.
Biden signed the stimulus bill, and last week the number of initial jobless claims in the United States fell below 750,000
for the third week in a row.
The pace of vaccination has accelerated, and economic recovery is expected to be strong
.
The dollar index retreated, market sentiment improved, and the Dow hit a new closing high
.
Chinese Premier Li Keqiang said the GDP growth target was intended to avoid big ups and downs, and that macro policies did not need to make a "sharp turn.
"
Driven by the copper market, the global economic resonance recovery has allowed inflation expectations to evolve into concerns about monetary tightening amid economic recovery and sky-high easing, as evidenced by the sharp rise in U.
S
.
Treasury yields.
However, the logic of copper price rise after the Spring Festival lies in the recovery of overseas economies, and domestic demand has actually fallen
month-on-month.
Therefore, after the sharp rise in copper prices, it needs to be adjusted, and all indicators show that downstream demand after the Lantern Festival is only a moderate recovery, and the strength is not strong
enough.
