Shanghai copper first rose and then suppressed, and the impact high level retreated

Shanghai copper changed little before and after the Spring Festival, and copper prices showed a trend of rushing back down in the first week after the holiday, and as of Friday afternoon, the main 2202 contract of Shanghai copper was reported at 71480 points, a weekly increase of 1.
69% or 1190 yuan
.
During the week, Shanghai copper fluctuated sharply after a narrow range of shocks, first rising and then suppressing the impact of the high level and falling, weekly spot copper rose 1400 yuan / ton
compared with the first day of the year.

During the domestic market closure, overseas inventories continued to decline, and the overall low inventory provided rebound momentum; After the holiday, the domestic market resumed construction, while the policy support in the first quarter appropriately advanced infrastructure, and the demand side is expected to pick up; In addition, the previous interest rate hike expectations are gradually digested, domestic and foreign financial markets have warmed up, indicating that risk appetite sentiment is repaired, jointly promoting copper prices to break through 73,000 on Thursday night; however, in the early hours of Thursday, the Federal Reserve released more hawkish remarks, the market generally expects a 50 basis point rate hike in March, and expects the probability of 7 rate hikes throughout the year to exceed 75%, once again stimulating market risk aversion, driven by the profit taking of copper bulls, opened low on Friday, giving up most of the gains
.

In terms of the market, spot copper rose by 2,030 yuan this week, and good copper premium from 50 yuan before the holiday to 130 yuan
this Friday.
In the first week after the holiday, the overall trading atmosphere slowly improved, with few transactions in the first three days, and rose with the market on Thursday and Friday, stimulating some of the willingness to replenish storage, and the premium rose steadily, and it is expected that the transaction atmosphere will further improve
next week with the increase in resumption of work.
In terms of import profit and loss, the dollar index strengthened this week, while the premium premium to $51 after the continued decline in overseas inventories, causing the import loss to widen to 1,000 yuan per tonne
.

At present, there are still post-holiday orders in China, which will support subsequent prices, and as the Fed's March interest rate meeting settles close to or hit copper prices
downward.
It is expected that next week's Shanghai copper high is mainly strong, waiting for more US inflation data to settle, and the Fed's interest rate hike expectations are gradually strengthened, dragging copper prices downward
.