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Last week, the copper market tightened its pullback after a narrow range, and the market traded
around the logic that U.
S.
inflation exceeded expectations and monetary policy may contract.
Judging from the weekend data, the US retail sales data and consumer confidence index for April were lower than expected
.
Fed official Mester said it would stick to its previous policy
based on employment.
After the spot price was lowered, the downstream entered the market at low prices, and the overall trading of the market picked up, paying attention to the sustainability of downstream buying
.
Escondida and Spence copper miners rejected contracts on Friday, raising the risk of a strike
.
Technically, the copper price adjustment space may continue to open, placing the support levels at 73,000 yuan and 70,500 yuan
.
On the macro front, the recovery in Europe and the United States continued to improve, the policy has not been tightened, coupled with the fall in US bond yields, the weakening of the US dollar, and the support of copper prices is still strong; On the supply side, TC continued to recover, and the supply disturbance showed signs of easing, but the production of refined copper grew rapidly, and imports also showed a high growth rate
.
On the demand side, short-term domestic terminal demand remains rigid, domestic copper stocks continue to accumulate, and downstream consumption is cautious
after copper prices rise sharply.
However, overseas inventories continue to decline, domestic exports are growing at a high rate, and overseas factors are more dominant
.
Pay attention to domestic consumption
as copper prices fall back.
It is expected that the short-term high will be sorted out after the shock and pay attention to the 73,000 first-line support
.
