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Trade Service
Overnight, the main 1705 contract of Shanghai copper opened higher at 48270 yuan / ton
.
With the correction of the external market, Shanghai copper bears increased their positions, copper prices fell to 48,000 yuan / ton integer mark slightly struggled, but still recovered weakly, continued to test the status of 47880 yuan / ton, closed at 47950 yuan / ton, down 30 yuan / ton, trading volume decreased by 189,000 hands to 102114 lots, and the position increased by 2040 lots to 220758 lots
.
Overnight, all Shanghai copper stations on the moving average group, but the pullback trend is obvious, the bears are suppressed, and the moving average below the material is strongly supported, and the intraday operating range is 47800~48300 yuan / ton
.
After the Spring Festival, copper prices have maintained range-bound markets, the market has good expectations for macro, and China's investment in U.
S.
infrastructure has maintained good expectations for copper consumption, but the market has not launched a new round of
upward movement.
In terms of macro, the market data so far are very positive, which is understood as last year's high-speed infrastructure and real estate inertia, heavy truck data hit a new high, indicating that infrastructure is still vigorously continuing, PMI also continues to maintain above
50.
Trump's application to Congress for a trillion dollars to prepare for infrastructure construction are all positive factors
for copper fundamentals.
However, in trading, these factors are uncertain, so there is no interest in attracting funds to continue to buy, and the domestic copper position has always remained neutral and low, and the short-term judgment of the price continues to remain volatile
.
Overall, the U.
S.
economy continues to recover, manufacturing and job market data are generally good, inflation continues to grow, and the focus of the market is currently on "Trump-style policy" and the Fed's
rate hike path.
The increase in infrastructure investment in the United States has increased the market's optimism about the outlook for base metal demand, while a strong dollar may curb the rise in futures prices, and it is necessary to pay attention to the Fed's dynamics and the realization of
Trump's infrastructure investment in the later stage.
In the short term, the Fed's interest rate hike boots landed, and the dollar retreated or helped copper rebound
.
