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On Tuesday morning, the main 03 contract of Shanghai copper jumped slightly higher at 70,080 yuan / ton before touching 70,140 yuan / ton, and then the plate fell above the daily moving average, around 69,900 yuan / ton in a narrow range, and closed at 69,940 yuan / ton
at midday.
After a brief tidying up in the afternoon open, the bulls reduced their positions all the way down, and finally closed at 69520 yuan / ton
.
It fell by 1560 yuan / ton, down 2.
19%.
On the macro front, the epidemic, inflation, supply chain disruptions, market volatility and other mountains overwhelmed the peak, the International Monetary Fund lowered its global economic forecast for this year by 0.
5 percentage points, the US growth forecast was slashed by 1.
2 percentage points to 4%, Brazil, Canada and Mexico will be particularly affected by inflation and energy price increases, and the UK will become the fastest growing country
in the G7 group for the second consecutive year.
From a fundamental point of view, the market gradually entered a holiday state, trading was cold, Shanghai copper discount declined, South China copper discount remained low
.
In terms of copper scrap, the price spread of refined scrap continued to maintain a reasonable range
.
In terms of imports, the import window continued to close, LME0-3 maintained its Back structure, and market trading continued to maintain low activity
.
In terms of stocks, the LME destocked 0.
09 million tons to 96,700 tons, and SHFE slightly accumulated 0.
015 million tons to 13,600 tons
.
Overall, the economic outlook of the United States is difficult to say optimistic, although it may have a certain adverse impact on copper prices from a fundamental point of view, but from the dollar, U.
S.
bond yields and even the Fed's monetary policy can enter the interest rate hike process as previously expected, it may be relatively favorable for copper prices, and the current copper price trend is relatively entangled
under the influence of multiple factors.
