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After returning from the May Day holiday, Shanghai copper opened high, rising 1.
71% in a single day, and finally closed at 73240 yuan per ton, once again hitting a new high
this year.
On the macro front, since there will be no Fed interest rate decision in May, Powell's speech in April has already set the tone
for the market.
The Fed believes that current employment has not fully returned to pre-pandemic levels, and inflation will struggle to reach the 2% target
for a relatively long time at a time when the labor market is relatively weak.
The comments hinted at the Fed's negative attitude
towards an early end to quantitative easing.
However, April's economic data was less than satisfactory
.
The U.
S.
ISM manufacturing PMI recorded only 60.
7, significantly lower than market expectations of 65 and the previous reading of 64.
7
.
In terms of supply and demand, Chile, the world's largest copper producer, saw copper production decline for ten consecutive months in March, with March down 1.
3%
month-on-month.
Due to the coronavirus epidemic in the country, the market has expected a decline in copper production, but such a sustained decline is particularly rare
.
Strategically, copper still has some upside, and above we see around
75500.
