March 23 copper market morning review

Recently, the market's expectations of reinflation continue, the volatility of financial market asset prices continues to amplify, the strong sectors in the early stage are repeatedly tug-of-war, while the pro-cyclical industries represented by nonferrous metals are stronger under the economic recovery and rising inflation, and the monetary policy easing environment of major overseas economies provides a good upward environment
for pro-cyclical assets.
However, considering that the epidemic prevention and control in Europe and other European regions is still severe, and some underdeveloped economies are forced to raise interest rates due to hyperinflation, it is necessary to be vigilant against the spread
of negative impact caused by the physical epidemic prevention lockdown in Europe and the United States and the policy adjustment of less developed economies.
In addition, as the new US administration's hawkish stance on China and Russia gradually emerges, the market's potential black swan vigilance against the big power game and geopolitics may limit the height of the rebound, and short-term nonferrous futures are treated
with a strong shock idea.

Frequent mine-side disturbance events, global supply recovery in the first quarter was less than expected, spot TC fell, consumption continued to recover, and the overall performance of fundamentals was good
.
Short-term copper prices may still be volatile to the
upside.
Copper price fundamentals are still good, and a multi-copper strategy can be considered to strengthen risk control
.