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Today's Shanghai copper first suppressed and then rose to close the day, and the main 2004 contract of Shanghai copper closed at 46430
as of the day.
The news overnight U.
S.
economic data is acceptable, whether the dollar cut interest rates has become the focus of market attention, the dollar index upward has suppressed copper prices, Shanghai copper in the morning under pressure downward, and on the other hand, the domestic central bank lowered the loan market quotation rate (LPR) for more than 1/5 year, monetary policy stimulus helped the market to pick up, Shanghai copper close favorable stimulation gradually rebounded, recent domestic policies continue to land, combined with the recovery of refined copper consumption, it is expected that short-term Shanghai copper will continue to fluctuate
strongly.
In terms of spot, affected by high inventories and traders eager to sell, flat water copper discount was at 200 yuan, and buying began to recover
.
At present, Jiangsu and Zhejiang and other major industrial provinces have launched a war to grab people, actively organized and coordinated the return of workers to the city, simplified the relaxation of personnel, logistics, and the conditions for enterprises to resume work, which has stimulated market confidence
.
However, most county-level areas are moving more slowly, coupled with the fact that provincial public transportation has not been fully restored, the regulations for the isolation of foreigners have not yet been lifted, it will take some time to fully return to normal, and the start of construction sites may still have to be postponed until after March.
Copper prices are clearly insensitive to temporary inventory increases and spot discount expansion, turning to expectations
of peak season consumption growth.
At present, the Shanghai Exchange and bonded inventory have increased by more than 200,000 tons compared with the pre-holiday period, but it is still at a normal level compared with previous years, and there is no obvious pressure, on the supply side, some institutions believe that refinery sulfuric acid expansion may lead to a 15% drop in refined copper production in February, while Hubei epidemic prevention and control measures may remain for a long time, refinery production may continue to be affected, but the resumption of work is gradually underway, and supply will not be tight.
Although peak season demand is delayed, the total impact may be small
.
Maintain the judgment
of shock recovery.
The small rhythm looks at the delivery or there is a rush to sell, the price can still continue to buy after a slight fall, and the 46000 support is strengthened
.
