Shanghai copper may make up for the decline, but the space below is limited

With the Spring Festival long holiday approaching, the domestic market has entered a holiday atmosphere, the spot market premium weakens the transaction tends to cool, and the copper and aluminum market shows off-season characteristics
.
However, on the other hand, risk appetite in global financial markets has been frequently switched recently, and the volatility of various asset prices, especially stock markets and commodities, has intensified
.

Macro-level, near-term uncertainty still exists, the dollar index continues to rebound above 91, domestic liquidity has improved, but the overall situation is still tight
a few years ago.

In the spot market, holders raised prices, some bargain hunting, and weak downstream consumption inhibited transaction performance
.
The macro atmosphere has warmed, and domestic and foreign inventories are at a low level, but demand worries in the off-season persist, and short-term copper prices may still maintain a volatile pattern
.

From a fundamental point of view, it is currently in the traditional off-season downstream of industrial products, and the non-ferrous sector has recently pulled back as a whole, which is roughly in line with seasonal expectations
.
As far as copper is concerned, copper rod consumption is general, but orders for processed products such as copper pipes, copper plates and foils are still good, coupled with the local New Year policy implemented in various places this year, some processing plants continue to start, resulting in a delay in the accumulation of stocks, forming a strong support for prices in the short term, which is why the recent correction in copper prices is much smaller than that of other colored varieties
.
However, with the Spring Festival officially approaching, we believe that the accumulation will still be in the past two weeks, when the price will make up for the decline, but the space below is still limited, it is recommended to wait and see
.