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Today's Shanghai copper rose one after another, closing at the end of the day Shanghai copper main 2101 contract closed at 58620, up 770, or 1.
33%.
Affected by the Fed's policy overnight, the US dollar index hovered at a low level to release copper price pressure, and Shanghai copper showed a trend upward in early trading, and the upward trend further accelerated after midday to expand gains
.
At present, Shanghai copper is affected by the macroeconomic recovery and the expectation of new energy construction in the medium and long term, and maintains a strong view
.
On the macro front, the current global low interest rate and ultra-loose monetary policy is still more likely to continue in the future, and this is a very favorable factor for commodities, the dollar rose in the short term, but this is more affected by the Eurozone epidemic rebound, and in terms of monetary policy, the Fed does not have the conditions to immediately change the current ultra-loose monetary policy, so the dollar rally has not been durable
.
In terms of fundamentals, there was still great uncertainty due to the impact of the epidemic in major producing countries such as Chile in the third quarter, which were more obvious supply-side disruptions
.
On the demand side, as the most important demand country, China's current control of the new crown epidemic is the most effective country
.
Therefore, it is expected that the probability of sustained recovery of domestic economic activity is relatively high
.
Previously, State Grid set the 2020 power grid investment plan at 460 billion yuan, but as far as the current situation is concerned, the actual investment amount of the power grid is far from reaching the standard, so there is also the possibility
of rushing construction after that.
In addition, in the new energy vehicle sector, there is also a certain support for the demand for copper prices
.
In the recent case of less macro news, the technical high finishing is a moderate upward trend, the intraday rise acceleration may bring a certain unstable factor, it is expected that the copper market will maintain a strong upward trend in the near future, pay attention to this round of rally impact on the previous high entity of London copper, beware of a high pullback
.
The main reference range of Shanghai copper is 5.
8-59,000
.
The operation is mainly wait-and-see, and the downstream stocking is appropriate
.
