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Copper prices continued to rally this week, but fell sharply after rushing higher on Friday
.
Among them, the main contract of Shanghai copper 1606 black line closed, the futures price stood above the moving average combination, supported below, the disk showed a volatile pattern, it is expected that short-term Shanghai copper will fluctuate more, pay attention to changes
in market sentiment.
On the macro front, the total amount of social financing increased sharply in the first quarter, and it is unlikely that China will continue to increase easing in the future, and the Fed meeting next week will keep interest rates unchanged, but the expectation of interest rate hikes may return, which has also become a potential negative factor
.
In terms of markets, the commodity market has been crazy since March, but the copper market has been weak, and it was only passively followed this week, but the weakness returned over
the weekend.
Consumption is really driven by real estate-related industries, while other industries reflect more seasonal pickups, and it is too early
to talk about cyclicality.
Supply pressures are increasing
after the current price has returned to near or above the high cost line.
In terms of news, according to data released by China Customs on April 21, China's copper imports reached 458068 tons in March, an increase of 39%
month-on-month.
Imports surged 36 percent to 1.
11 million mt throughout the first quarter.
Exports more than doubled month-on-month to 23,375 tonnes in the month, the highest level
in 10 months.
Overall, after the consumer industry picked up in the first quarter, the signs of continued recovery in April are not obvious, considering that the consumption season will end in May even when the economy is strong, which makes the future copper consumption not optimistic, the copper price rebound is close to the end, and the long-term trend remains to be seen
.
