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Last week, the copper price broke through and maintained a shock range of more than one month. The main force of Shanghai copper reached 69,500. As of 3 pm on Friday, the main force closed at 68,540 points, an increase of 2.73% or 1820 points.

On the macro level, the US non-agricultural data exceeded expectations. Powell said that the market expected loose monetary policy to continue. The 10-year U.S. Treasury yield fell and the US dollar index also fell weakly, releasing external pressure. Aluminum prices took the lead in breaking new highs. Regarding national price regulation The wind of cooling down, the capital side boosted the rebound of most non-ferrous metals.

In terms of the market, spot copper rose by 1810 yuan last week. Due to the large monthly spread and the continuous rise in the market, the willingness of downstream buyers to enter the market was suppressed. Good copper turned to a discount of around 90 yuan. On Monday and Tuesday, the market was weak, and market transactions improved significantly. However, the peak season demand performance was average. The market expected a delay compared with the traditional time. The stock inflection point of the previous period has not been reached. It is expected that after the market stabilizes, the discount rate will be narrowed. In terms of import profit and loss, the U.S. Treasury yield and the U.S. dollar index have recently declined weakly. The import profit window has continued to close, and the gap has widened to around 600 yuan/ton.

Fundamental changes are still small, there are more speculations in the peak season, and domestic smelters have maintenance plans in the second quarter, and the mine ends remain tight, which is generally positive for copper prices. The bullish expectations will be maintained in the future, and the bulls will be able to gain some profits during the day. The disk is expected to still have room for adjustment, and the downstream will wait for the callback to replenish.

Copper prices bottomed out last week and rebounded. Shanghai Copper closed at 68,540 points, an increase of 2.73%. The market outlook maintains bullish expectations, but there is a short-term adjustment demand. It is expected that there will still be a strong performance after the adjustment next week.

Article information source-cable network



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