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Trend review: Yesterday's Shanghai copper 1604 rushed back down to close Xiaoyang, opening 35780 points, the highest 36290 points, the lowest 35580 points, closing 35920 points, up 110 points from the previous day, up 0.
31%.
London copper fluctuated lower to close negative, closing at 4609 points, down 58.
5 points, or 1.
25%, from the previous day; The COMEX copper workhorse May contract was volatile lower, closing at 2.
0855 points, down 0.
0365 points, or 1.
72%.
On the macro front, yesterday's plunge in A-shares caused market panic, and commodities followed lower
.
Overnight U.
S.
durable goods orders data was good, and the market remained bullish on the Fed's
prospects for raising interest rates this year.
The global economic situation is still dominated by turbulence, and weakness and divergence continue
.
In terms of the market, the price of spot copper rose slightly during the day, the holders were reluctant to sell, the current copper discount expanded slightly, and some middlemen entered the market to receive goods, but it was difficult to find low-priced sources, and the downstream still did not see obvious purchases, the overall transaction situation of the market was still not good, and the supply and demand saw significantly
.
After the Spring Festival, the traditional peak season focuses on downstream consumption, and it is expected that the peak season will be difficult
.
Overall, the global economic growth rate has slowed down and risk factors have gathered; Fed interest rates will gradually return to normal, and long-term interest rate hike expectations are bearish for non-ferrous metals; Weak demand remains the dominant factor in the pressure on non-ferrous metal prices, with Chinese demand key
.
After the Spring Festival, the traditional peak season factors, non-ferrous metals continued to rebound weakly, and the height was limited
.
