May 28 Shanghai copper brief commentary

On the macro front, Biden proposed a 6 trillion economic budget plan to boost market sentiment
.
The recovery in Europe and the United States continues to improve, policies have not yet been tightened, and the US dollar fluctuates at a low level, but the top management has repeatedly shouted commodities, and commodities have 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
.

At present, there is market divergence in the analysis of copper market trends, and the long-term demand for new energy copper still exists, bringing a supporting effect
.
However, the short-term high copper price has brought restraint to the consumption side, in the recent national introduction of policy measures to curb commodity speculation, the recent copper price or mainly to maintain stability, pay attention to the volatility around 7.
1-74,000, cargo merchants fast forward and fast out range operation, excessive growth rate decline is increased
.