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Last week, Shanghai copper first fell and then rose, weekly increase of about 900, due to the strong dollar index during the week, copper prices once fell, after the US House of Representatives passed a bailout plan, boost market confidence, the US index fell back, Shanghai copper operating range up
.
The recent lack of good news to promote, and the recovery of consumption side is less than expected, superimposed on the current situation of copper inventory increase, Shanghai copper rebound momentum is insufficient, and Shanghai copper is expected to be widely sorted
.
On the macro front, U.
S.
bond yields and the dollar index continued to strengthen, and risk assets were still sold off on Monday and Tuesday, and then Biden signed a $1.
9 trillion fiscal stimulus bill ahead of schedule, boosting market confidence, superimposed on expectations of economic recovery prospects, easing the adjustment of
domestic stock markets and copper prices.
In the market, spot copper rose 1,800 yuan last week, and the market fell into a wide range
after a sharp decline.
The downstream buying stop situation has been significantly alleviated, there is a demand for stocking at a low price, the trading atmosphere in the spot market has begun to improve, the quotation premium has risen steadily, good copper from a discount of 30 yuan to Friday's premium of 150 yuan, in addition, the month contract change is imminent, the contract price difference in March and April is large, pay attention to whether the premium can continue to maintain a strong price
after the month.
At present, the steady rise of electrolytic copper premium also provides some kinetic energy for the stabilization and rebound of Shanghai copper; It is worth noting that in March, copper prices ended the continuous upward trend after the year, the market stabilized to facilitate downstream customer consumption gradually picked up, the traditional consumption season is coming, the last period of seasonal destocking is getting closer and closer, superimposed on the current global inventory has been at a 10-year low, it is expected that copper prices in the second half of the month still have room to rise, it is recommended that downstream customers can prepare raw materials
in advance.
The recent lack of good news to promote, and the recovery of the consumption side is not as expected superimposed on the current situation of copper inventory increase, Shanghai copper rebound momentum is insufficient, it is expected that next week Shanghai copper wide range finishing, Shanghai copper main force 6.
6-69,000
.
