The overall low inventory level has obvious support for copper prices

On Friday evening, overseas copper and aluminum futures rushed back down, London copper closed at 7768.
5 US dollars / ton, down 104.
5 US dollars / ton, domestic copper and aluminum fell overnight, Shanghai copper futures Cu2101 reported 57790 yuan / ton, down 0.
62%, international copper futures Bc2103 reported 51510 yuan / ton, down 0.
79%.

Last week, China's export growth hit a two-year high, and the FDA approved Pfizer and BioNTech's new crown vaccine emergency use authorization applications, which strengthened expectations of economic recovery and provided an upward boost to copper prices
.
Watch for the Fed's interest rate decision this week, which is expected to extend easing
.

In terms of spot, as copper prices continue to show a rising trend, making the downstream wait-and-see attitude extremely strong, spot transactions have not been active, and in the second half of the week, when copper prices rose sharply, holders showed a situation
of giving up the discount to seek shipments.
Therefore, under such circumstances, it is necessary to pay attention to the possible price pullback risk
this week.

At present, the overall inventory level is low, especially the inventory in the previous period has fallen to the level of 80,000 tons, and the warehouse receipt in the previous period is less than 30,000 tons, which has obvious support for copper prices
.
Technically, the upward trend of copper prices is clear
.
Strategically, the bullish trend has not changed, it is recommended to hold more in the middle line, and the pullback can continue to be long
.