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Shanghai copper first rose and then suppressed this week, and fell near the weekend due to the influence of geopolitics and the US dollar index, and the convergence of weekly gains entered a range shock
.
The central bank cut interest rates again during the week, coupled with domestic policies to stimulate small and medium-sized enterprises, market confidence has been boosted, Shanghai copper continued to fluctuate strongly in the early part of the week, but in the later period, with the impact of the Syrian-Turkish conflict and the strong US economy, risk aversion pushed up the dollar index to suppress copper prices
.
In terms of the epidemic, as the new diagnosis continues to decline, Jiangxi, Ningbo, and other regions have introduced simplified corporate resumption of work review to accelerate the normal operation of the market, while the central bank cut interest rates in disguise and increased counter-cyclical adjustment, which is conducive to the recovery of market sentiment.
Copper prices stood at 46,000; in terms of the US dollar, manufacturing and other economic data performed brightly, and the euro area economic prosperity index dragged down by Germany, the US dollar index continued to update high, approaching the 100 yuan mark, putting pressure on copper; in the short term, with the continuous digestion of favorable policies, the rebound momentum has converged
.
In terms of the market, most of the spot market has resumed work this week, and with the change of month, the market quotation has been transferred to the water across the board; Due to financial pressure, the holders continue to adjust the price and sell the goods, and the copper discount is now around
180 yuan.
The willingness to receive goods downstream is low, and a small number of traders entered the market on Friday with the decline of the market, and the transaction was concentrated in the flat water copper at the price difference, the market oversupply situation is obvious, and the transaction is light
.
In terms of import profit and loss, the window is still closed, the gap narrowed slightly to around 300 yuan / ton, the US dollar rose, and the RMB depreciated above 7
.
At present, the domestic epidemic situation is still continuing, and the short-term Shanghai copper is affected by market confidence to support the strong recovery space, but more momentum will be pinned on the domestic refined copper demand and policy stimulation after the start of construction, while the medium and long-term copper price will continue to be under pressure due to the economic impact, and the V-shaped reversal is limited
.
It is expected that the bottom of the Shanghai copper range will be mainly volatile next week, and the bottom of the downstream range can be properly considered for stocking, and the main range of Shanghai copper is 4.
58-47,000
.
