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Today's Shanghai copper volatility lower, after noon once bottomed out and rebounded, as of the end of the day closed Shanghai copper main 2106 contract closed at 74560, down 1460, down 1.
92%.
On the market, pay attention to the 74,000 support level, the overall range has been adjusted, and the short-term price momentum is weak to recover the previous high may be longer shock adjustment
.
On the macro front, the US PPI data for April was high, inflation expectations were affirmed while market worries were raised, and whether loose monetary policy could continue to be an important concern
.
On the other hand, CME Group raised the copper margin, further inhibiting the market capital momentum, and the copper market price pattern may gradually shift to the real demand side, it is recommended to pay attention to the domestic copper inventory consumption in the near future
.
On the supply side, TC rebounded slightly, but the interference showed signs of increase, refined copper production grew rapidly, and imports also showed a high growth rate
.
On the demand side, the marginal recovery of domestic terminal demand, but the inflection point of domestic copper inventories is not obvious, and there is fear of heights downstream after the sharp rise in copper prices
.
However, overseas inventories continue to decline, domestic exports are growing at a high rate, and overseas factors are more dominant
.
It is expected to remain strong in the short term, but the high volatility will increase, pay attention to the risk of
pullback.
