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Trade Service
Recently, positive factors continue to ferment, copper prices continue to rise, and the main contract of Shanghai copper rose by more than 3%
on a weekly basis.
In terms of news, mainly affected by the favorable Sino-US trade negotiations, following the negotiations held in Beijing, the two sides moved to Washington for negotiations, and now from the news released by the talks, the favorable dominates, and the market also hopes that this negotiation can be achieved
.
The recent continuous rise in copper prices has not effectively fallen and corrected, and copper prices are expected to fall
when they hit the 50,000 price level.
On the macro front, the seventh round of Sino-US economic and trade negotiations has made positive progress, with Trump announcing a plan
to postpone the tariff hike on Chinese exports to the United States on March 1.
Fed officials have made dovish speeches and may end the balance sheet
reduction in 2019.
Financial market instability has weakened, market risk sentiment has returned, and copper prices
have been bullish.
In terms of the market, after the opening of the spot market last week, merchants were strongly willing to sell
.
Electrolytic copper discount continues to expand, good copper from the beginning of the week 30 to Friday 90 yuan, also reflects the current price is too high, the merchants are unable to support the price willingness
.
The same is true in the downstream market, which has a wait-and-see attitude towards continuously rising copper prices, and many copper mills only have a small amount of inventory to cope with current production, waiting for copper prices to fall
.
Due to the recent continuous appreciation of the renminbi, the Shanghai-London ratio has been declining
.
The profit window for copper imports continued to close, easing the supply
of the electrolytic copper market.
Market forecast, Trump stated that Sino-US trade negotiations are progressing better, market expectations are good, and optimism spreads; The latest minutes of the Fed meeting indicated that the balance sheet reduction may end early, and the dollar weakened; The reopening of Vedanta was rejected, and India became a net importer of electrolytic copper, and the news also supported copper prices
.
Multiple positives have driven a strong rally in copper prices this week, which is now at a high since July last year, and watch for the results of
recent negotiations.
