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Today's Shanghai copper futures moved for a month, and the high premium drove the overall increase in plate prices
.
Technically, in the case of the VAT change date positioning April 1, it is expected that the overall decline in Shanghai copper prices in April by about 1,000 yuan has been reflected in the 1904 contract, and the near-month contract has a large premium to make up for the difference with spot copper, and the high premium reaction has further driven the main price of Shanghai copper to climb
on the plate.
Fundamentally, the increase in refined copper production and the fact that Shanghai copper inventories are still at a high level, showing a certain degree of peak season
sluggishness.
However, in the long run, the supply of copper concentrate is still tight, coupled with the increase of new investment by China Southern Power Grid, there are many
positive factors in the later period.
On the macro front, U.
S.
manufacturing output fell for the second consecutive month in February, U.
S.
economic growth or slowdown at the beginning of the first quarter, a weaker dollar, and a volatile metal market
.
Copper for March on the London Metal Exchange closed up 0.
73% at $6431.
5 a tonne
.
Domestically, there is no further news stimulus
in the short term.
Fundamentals, the domestic spot end premium expanded, due to the impact of April tax reduction factors, it is expected that the spot end premium or continue to expand, continue to pay attention to downstream demand side changes
in the near future.
Industry News:
China's January and February refined copper (electrolytic copper) production rose 6.
3 percent from a year earlier to 1.
34 million mt
, data released by China's National Bureau of Statistics on Friday.
2.
China Southern Power Grid released 26 key measures to invest more than 170 billion yuan to serve the Greater Bay Area
.
It is expected that the main force of Shanghai copper will maintain a short-term shock adjustment after this position transfer, and further repair the premium price difference
after entering April.
It is recommended that the goods be shipped by the merchant, and the downstream just needs to pick the goods
.
