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Copper market morning comment: Shanghai copper opened rapidly higher today, the main 2105 contract once rose more than 1.
6% to 68180 yuan / ton
.
Copper prices strengthened mainly due to macro favorable drive, last week the United States 1.
9 trillion bailout bill landed, of which $1400 subsidy has begun to be issued on Friday, in terms of data, the United States on Friday released February producer prices accelerated to rise, March March preliminary confidence consumer index rose to 83, a new high during the epidemic, Treasury Secretary Yellen still said that inflation risk is less and controllable
.
From a fundamental point of view, since the end of January, China's electrolytic copper social inventory has been in a state of accumulation, and as of March 12, the inventory has increased by 159,000 tons to 672,500 tons, an increase of up to 30%.
Since mid-March, the downstream consumption sector is now gradually recovering, but it is relatively weak compared with the same period of previous years
.
At present, the price difference of refined waste has been pulled to more than 1500 yuan / ton, which is conducive to scrap copper consumption, and the consumption of refined copper has been squeezed
out.
On the whole, the fundamentals of the copper market are not strong
.
However, driven by optimistic macro sentiment, copper prices are expected to remain strong in the near future
.
Watch for guidance to the market by the
Fed's interest rate decision.
