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Copper market morning comment: London copper recovered the previous day's decline, recovered the short-term average portfolio, the Federal Reserve raised economic growth expectations and promised medium and long-term near-zero interest rates, driving trading sentiment, U.
S.
stocks hit highs, the dollar weakened
.
The copper market amplified and the market as a whole fluctuated
.
Data show that domestic refined copper production from January to February increased by 12.
3% compared with the same period last year; Peruvian copper production is expected to increase
in 2021.
Pay attention to the resistance above Shanghai copper at 6.
8-68,500
.
China's stock market is not performing well, copper prices lack macro guidance, but from the perspective of market sentiment is not weak, the market is still optimistic about the future
.
From a fundamental point of view, the supply side is affected by the frequent accidents at the mine end in South America and the passive downward trend of TC under the tension of concentrate.
In addition, the recent performance of domestic and foreign copper prices is strong and weak, the import loss range has narrowed, the profit of scrap copper imports has expanded, and the import volume is expected to increase
.
In terms of demand, similar to other non-ferrous varieties, the willingness to purchase downstream at high prices is weak, but the scrap copper market is also heavy on sales, and the upstream and downstream views on the future market have entered the game stage
.
