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Shanghai copper rushed higher last week, touching recent price highs during the week, and weekly spot copper rose about
1600 yuan.
Global metal inventories are near lows, US CPI data hit a new high in recent years, inflation peaked to stimulate the Fed's early interest rate hike expectations, and the US index fell sharply to release non-ferrous metal prices
.
Recently, affected by the sharp rise in surrounding non-ferrous metals, the strong confidence in the copper market has pushed prices back to new highs in recent years, and Shanghai copper fell slightly after hitting the 72,000 mark
.
The Fed's high probability of raising interest rates in March will continue to be fulfilled, and the US dollar index fell continuously during the week, which is good for external metals; U.
S.
inflation data continued to be high, commodities led by crude oil performed well, and copper prices briefly exceeded 72,000
.
In the market, spot copper rose by 1650 yuan last week, and the premium was gradually lowered, superimposed on the impact of the monthly price difference, and good copper remained near
flat water on Friday.
The market rose sharply during the week, suppressing the already light year-end consumption, buying into the market fell significantly compared with last week, low inventory supported the downward adjustment of premiums, and trading will gradually enter holiday mode
.
In terms of import profit and loss, the US dollar fell sharply, the RMB continued to appreciate, and the import profit window was closed again, with a gap of around
300 yuan / ton.
From a fundamental point of view, domestic consumption was weak at the end of the year, and the support effect of low inventories still exists; After the center of gravity moves up, it is expected that there will still be upside, so the demand can be prepared in advance, and the next year will be
mainly wait-and-see.
At present, close to the domestic traditional Spring Festival, the holiday is close to the market has a slight stocking sentiment, but the overall consumption situation has not yet improved greatly, the fundamentals are mainly supported by low inventories high prices, it is expected that Shanghai copper high volatility pattern, pay attention to 7-72,000 shocks, affected by the surrounding market or intensified
.
