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May Day domestic market closed, copper prices rose sharply after the holiday, London copper broke through the record high of 10,184 US dollars, Shanghai copper main force near the 75,000 mark, as of Friday afternoon at 3 pm Shanghai copper main force reported 74,900 yuan, up 4.
19% or 3,010 points
.
On the macro front, US Treasury Secretary Yellen's interest rate hike once triggered a rebound in the US dollar, but then the Federal Reserve responded, maintaining a dovish tone, the decline of the US dollar expanded, the market risk appetite heated up, coupled with the rise in inflation expectations, US stocks and commodities such as crude oil and copper were significantly boosted; Domestic manufacturing data in April was lower than expected, but still in the expansion range, coupled with the improvement of US employment data, the global economic recovery is positive for copper prices; In terms of the epidemic, there are certain hidden dangers
in the large-scale outbreak in India.
In terms of the market, spot copper rose by 2480 yuan this week, the liter discount is relatively stable, and the good copper discount is 50 yuan
.
After the holiday, copper prices rose for two consecutive years, downstream buying was weak, raw materials soared resulting in loss of processing fees, and a wait-and-see mentality was heavier, only maintaining daily rigid demand
.
On the fundamental side, the market is concerned about London copper inventories and the pace of domestic peak season destocking, although the current high prices have inhibited some downstream buying, given the smelter maintenance plan in May, the discount situation shows no signs of significant expansion, and downstream awaits adjustment replenishment opportunities
.
On Friday, the market pulled sharply again, and the risk of pullback caused by short-term long profits and positions gradually increased, but the overall upward trend did not change, and the cautious bullish view remained unchanged
.
Risk appetite heats up, the global economic recovery coupled with the upward boost of inflation expectations, non-ferrous metals rose after the holiday, Shanghai copper main force rose 4.
19% this week, London copper broke through the record high
.
The market pays attention to the rhythm of domestic peak season destocking, the technical situation remains strong, the adjustment risk caused by short-term profit taking by long profits increases, and the overall market maintains bullish expectations
in the future.
