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The copper market was weak last week, and copper prices continued to decline after breaking their original all-time
highs.
The Fed's talk of discussing QE tapering in the future, and China's National Assembly will issue specific measures to curb the rise in commodity prices, all of which put pressure
on the copper market.
Copper fundamentals are already resistant to high copper prices, and even US data show that a shortage of raw materials and labor has led to a sharp rise
in PMI prices.
Technically, copper prices are below the 5-week moving average, and there is still the possibility of testing the February high of $9617 in the
short term.
London copper fell sharply last week, and the main Shanghai copper contract closed lower
.
LME copper stocks were 126675 tonnes, up 5,425 tonnes from last week; Copper stocks decreased by 8,055 tonnes to 221124 tonnes in the previous period; The Shanghai Free Trade Zone warehouse was 429,000 tons, an increase of 04,000 tons
.
On the macro front, the recovery in Europe and the United States continued to improve, the policy has not been tightened, and the US dollar has fluctuated at a low level, but the top management has repeatedly shouted about commodities, and market sentiment has been suppressed; On the supply side, TC continued to rise, refined copper production grew rapidly, imports also showed high growth rates, and supply showed signs of
easing conditions.
On the demand side, domestic inventories have declined, discounts have narrowed, and downstream consumption has improved after the short-term copper price decline
.
PMI in Europe and the United States has reached a record high, domestic exports have grown at a high rate, and the logic of overseas demand is still there
.
Continue to pay attention to the domestic downstream replenishment situation
.
After the continuous decline in copper prices, pay attention to the previous high support and participate
cautiously.
