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Market review, the Shanghai copper main Cu1904 opened at 48640, closed at 48200, the highest 48650, the lowest 48150, closed the long black line, and the night opened high and oscillated
.
LME 3-month copper closed up 1.
42%.
On the macro front, the recovery of market sentiment stimulated a rebound
in metal prices due to China's top leadership meeting with U.
S.
Trade Representative Robert Lighthizer and Treasury Secretary Mnuchin.
Copper for March on the London Metal Exchange rose 1.
42% to $6224.
0 a tonne
.
Domestically, China's January PPI was 0.
1% year-on-year, a 28-month low, and the January CPI rose 1.
7% year-on-year, lower than expected by 1.
9%, mainly due to the continuous decline in pork prices, currency data, China's new loans in January reached a record high of 3.
23 trillion yuan, reflecting loose monetary policy, and continued to pay attention to the progress of Sino-US trade negotiations in Washington in the near future, and short-term market sentiment has been repaired
to a certain extent.
Trump declared a national emergency in the United States to circumvent congressional funding restrictions
on construction of the southern border wall.
The dollar index retreated on Friday, and U.
S.
stocks rose
.
Overall, the macro atmosphere has warmed
.
Fundamentals, domestic inventories show a rebound trend, the current global total inventory remains low, the spot end premium slightly expanded, the recent attention to the operation of the consumer side
.
In terms of stocks, LME stocks fell to around 143,200 tons, after an increase of 64,400 tons to 207,100 tons in the previous period, and 20,000 tons to 520,000 tons
in the bonded zone.
Domestic seasonal accumulation, while overseas destocking, and overall inventory levels are low
.
In terms of industry, according to survey data, China's refined copper production in January was 737,500 tons, down 3.
16% month-on-month and up 5.
22% year-on-year, as some large smelters slowed down the pace
of production.
In summary, short-term market sentiment has warmed up, does not rule out more favorable stimuli, the fundamentals are slightly more, technically, in view of the short-term copper price gradually touching the upper pressure area, it is not appropriate to chase higher
.
Operationally, individual customers and industrial customers of the Shanghai Copper 1904 contract are temporarily waiting and seeing
.
