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Risk appetite generally improved stock market gains, Shanghai copper was strong on Friday night, Peru and other copper-producing countries are difficult to restore production capacity on a large scale, and the consumer market is gradually recovering, copper may continue to rise today
.
Maintain a strong short-term trend, but should not be overly optimistic
.
The main logic: the economic downturn is undoubtedly weak, and demand growth is weak
.
In terms of spot, the rush factor in the construction season is still there, coupled with consumption replenishment, demand continues to be strong, inventories continue to decline, the market shows temporary short supply, and the price of spot copper remains strong
.
In addition to supply and demand, many current economic data are better than expected, and the market may have the falsification logic of the Great Recession, guiding commodity prices to continue to repair
.
However, demand remains weak throughout the year, and as supply gradually recovers, the undersupply will ease
.
In addition, the overseas epidemic is still spreading, the daily new is still at a high level, the epidemic situation in India, Russia and other countries is showing signs of climbing, and the global epidemic prevention situation is still grim
.
On the whole, supported by strong short-term demand, copper prices are expected to continue their strong momentum, but the macroeconomic situation limits their upside, and a pullback may come
at any time.
