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Today's non-ferrous metals are up and down, the copper market is in a narrow range, as of the close of the day, international copper fell 0.
61%, Shanghai copper fell 0.
77%,
On the macro level, China's control of commodity prices, black weakness is difficult to change, and high prices and high housing prices in the United States have put pressure on the top management, and expectations that the Federal Reserve will discuss tapering QE in June have put pressure
on the copper market.
In terms of fundamentals, the CSPT team failed to finalize the floor price of copper concentrate processing fees in the second quarter of 2021, indicating that the market may have certain differences in the future supply of copper concentrate, but it is still difficult to say that it is generous, and on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, and the next peak season destocking is likely to form a strong support for copper prices, temporarily maintaining the long-term bullish judgment of copper prices, but if the destocking in the second quarter is not as expected, The rise in copper prices may be weaker
than previously expected.
On the macro front, global central banks are likely to continue to maintain their current ultra-loose monetary and fiscal policies, and the US dollar is expected to remain weak
.
Previously, the National Development and Reform Commission and other five departments jointly interviewed key enterprises with strong market influence in iron ore, steel, copper, aluminum and other industries, maintained market order, cracked down on speculative speculation, and the non-ferrous sector was affected to a certain extent, but because of the relatively strong financial attributes of copper varieties, copper prices showed a relatively negative trend under the pattern of continued weakening of the US dollar index
.
Therefore, in the current policy intentional regulation, and macro conditions are still relatively favorable, it is recommended to maintain a neutral attitude
towards copper prices for the time being.
