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Overnight, the main contract of Shanghai copper reversed in 1604 days, but rebounded to close at 35960, down 0.
36%.
At present, copper prices have fallen to the key position of the 20-day moving average, and it is expected that there may be a pullback demand
in the near future.
Macro: European stocks were stronger the following week, U.
S.
stocks fell, and crude oil rose
.
The RMB exchange rate continues to depreciate; On February 29, People's Bank of China announced that from March 1, the RMB deposit reserve ratio of financial institutions will be generally reduced by 0.
5 percentage points
.
The RRR cut will release about 600 billion yuan to 700 billion yuan of liquidity, which will help calm currency market volatility and promote the fall of interest rates
.
In terms of the market: Shanghai copper increase downward, all the way down, the market bargain entry increased, into March market activity has picked up, the morning market far month price spread increased, traders actively enter the market, favor low price good copper sources, buy cash selling period, enter the low trading period, copper fell sharply, attracting downstream gradually into the market, holders profit shipments, copper discount has not seen a significant narrowing, the overall market trading has improved compared with the previous day, traders and downstream market entry volume have increased, trade speculation is the mainstay
.
Industry: Codelco Chile said that production at its Andina large-scale copper mine has returned to normal and will make up for the capacity gap
caused by the shutdown within this year.
The research results of the State Council's "Research on the Application of China's Copper and Aluminum Resources in the Power Cable Market" pointed out that it is necessary to rationally and cautiously look at the problem of copper and aluminum substitution, and China's power cable industry should not promote the slogan
of "replacing copper with aluminum".
On the whole, Shanghai copper fell slightly during the day, the lower support is still strong, and the upper pressure is difficult to break through, it is expected that copper prices will continue to fluctuate unchanged in the short term, the pressure level is 36600 yuan / ton, the support level is 35500 yuan / ton
.
