Market divergence continues to increase, and Shanghai copper continues to fluctuate

Macro: The recent growth rate of China's fixed asset investment and real estate investment has greatly encouraged the market, and the recovery of market sentiment has made consumers start purchasing, which has given copper prices some support
.
However, considering that foreign policies are favorable, the overall domestic economy is still weak, the consumption season has not shown obvious signs of recovery, and considering that storage is about to end, high-level producers' willingness to ship has increased, which makes copper prices lack the momentum
to rebound further.

In terms of market: the supply of copper is abundant, the downstream bargain buying of flat water copper increased yesterday, Shanghai electrolytic copper spot for the month contract reported a discount of 140 yuan / ton - discount 80 yuan / ton, flat water copper transaction price of 37300 yuan / ton - 37450 yuan / ton, premium copper transaction price of 37320 yuan / ton - 37470 yuan / ton
。 Shanghai copper fell sharply, part of the value preservation inventory unhedged, the overall supply of the market is abundant, the brand is diverse, but at the same time the copper price pullback attracted some speculators into the market, the market flat water copper favored quotation firm, and good copper no price difference, good copper discount so passively narrowed, downstream bargain buying increased, transaction activity significantly improved
compared with yesterday.

At present, the view of copper price trend, divergence continues to increase, it is expected that copper prices may still continue the oscillation rebound trend after the adjustment, continue to look for the high point of the year, Shanghai copper main 1605 contract is mostly cautious holding, support 37200, resistance 38000
.