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After the release of good news, copper prices fell back to their highs, coinciding with the monthly exchange of domestic main contracts, and the main force of Shanghai copper fell 2.
89%
this week.
During the 13th National Congress of China, the value-added tax reform, the manufacturing industry from 16% to 13%, which is conducive to the temporary rebound of copper prices; Then, with the profit taking of funds and the pressure of the strong rebound of the US dollar, copper prices gradually retreated, and the short-term is still in the downward channel, and support has yet to be established
.
After a strong rebound for half a month, copper prices fell back to their highs during the week
.
Watch for favorable policies during next week's 13th Congress and the outcome
of another vote in the British Parliament on Prime Minister Theresa May's Brexit deal next Wednesday.
Domestically, the government work report during the NPC session: the expected target of GDP growth this year is 6%~6.
5%; Increase the targeted reduction of the RRR for small and medium-sized banks, and increase the loans of small and micro enterprises of large state-owned commercial banks by more than 30% this year; Deepen the VAT reform and reduce the current 16% tax rate to 13% in manufacturing and other industries; Improve the local tax system and steadily advance real estate tax legislation; Reduce the burden of corporate tax and social security contributions by nearly 2 trillion yuan
throughout the year.
Internationally, on March 7, the European Central Bank released doves, announcing that it would keep the three key interest rates unchanged and start a new two-year targeted long-term refinancing operation (TLTRO)
in September 2019.
At the same time, the GDP growth forecast for this year was sharply lowered to 1.
1%, far lower than the 1.
7%
forecast in December last year.
The collapse of the euro spurred the dollar to update its 2019 highs
.
The copper price rally, driven by market optimism and favorable policies, is nearing its end
.
With the seasonal accumulation of domestic inventories, the market waits for further warming of downstream demand to continue to support copper prices
.
At the same time, the European Central Bank's economic growth expectations have been sharply reduced, and the dollar has risen to its highest level since December last year, and copper prices are short
in the short term.
Copper prices are expected to be weak and volatile
next week.
