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In the last trading day, the main force of Shanghai copper, Cu2104, rushed higher again, the highest to 68790, the lowest was 66420, and rose again after a slight adjustment in overnight trading
.
The outer session also rebounded after adjustment, reaching as high as 9305 and closing at 9250, closing up 1.
5%.
At the macro level, Fed Chairman Jerome Powell testified to the Senate on the semi-annual monetary report, saying that economic conditions are still a long way from achieving employment and inflation targets, reiterating that interest rates will be kept close to zero, loose monetary policy may remain unchanged, and U.
S.
stocks opened lower last night and then went higher, and crude oil prices closed slightly lower
.
In terms of the market, in the last trading day, 1# electrolytic copper quotation 67600, up 520, spot discount 40, from premium to discount
.
In the previous trading day, the stock of copper warehouse receipts in the previous trading day increased by 4993 tons to 53975 tons, and LME copper stocks decreased by 1450 tons, domestic stocks accumulated as scheduled, and futures price support weakened
.
Due to the sharp rise in prices, Shanghai copper spot turned to a discount of 70 yuan, downstream factories generally based on production pre-holiday orders, the soaring copper price made them bitter and unable to purchase
.
The short-term copper price rise is more driven by emotions, the self-realization of consensus expectations, short-term temporary no obvious bearishness, price or high operation, should not be too high under the sharp rise
.
