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On Friday, the Shanghai copper morning market opened at the daily moving average of 69,500 yuan / ton after the center of gravity continued to move up, the second session was slightly repeated, but the end of the day has been pulled up to around 69750 yuan / ton, maintaining an upward trend
.
In the afternoon, under the power of the bulls' increase in positions, the plate rose again to the 70,000 yuan / ton integer mark, and then the plate moved up steadily to around 70,140 yuan / ton after a little sorting, the multi-party force entered the gradual layout, the tail touch to the position around 70420 yuan / ton, and finally closed at 70300 yuan / ton
.
On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, and although the dollar trend was relatively strong after the interest rate meeting, it is largely an overdraft
of future economic growth.
In terms of fundamentals, the current TC price continues to recover, coupled with the rumors of domestic storage dumping, so the supply side has a more negative impact on copper prices, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, so overall, it maintains a relatively neutral attitude
.
Copper prices rebounded over the weekend, and the market traded averagely
.
The weekend NFP became the next focus, with U.
S.
first-time jobless claims lower than expected, but given the previous poor ADP employment, the possibility of a lower than expected non-farm payrolls is not small
.
China is beginning to be plagued by the Delta virus, and physical demand may be impacted
.
The spot premium is about 150 yuan, and the price difference of scrap copper is better, but the import window gradually tends to close, and the downstream lacks performance
.
Technically, copper prices have accumulated new risks, spot support may be limited, short-term short treatment
.
