April 20 Shanghai copper brief commentary

Chile's short-term lockdown due to the epidemic will not have much impact on the supply side of copper mines, and there is no particularly obvious increase on the demand side, so the main reason for the rise in copper prices is macro expectations
.
Despite the uncertainty of economic recovery due to repeated outbreaks in Europe and vaccine-related issues, the ECB has insisted on loose monetary policy, and they are not worried about inflation caused by loose monetary policy
.
In addition, the beautiful economic data of the United States also provides strong confidence
in the market.
Strategically, it is recommended to hold the currency in the short term and continue to hold
it in the medium term.

At present, the copper market mainly follows the change of market confidence, and with the approaching of China's traditional consumption season, the increase in demand expectations has promoted confidence to enter the market, driving Shanghai copper to hit the 70,000 mark
.
However, on the other hand, the delay in the departure of domestic copper stocks may hit the upward momentum of fundamental consumption
.
It is expected that the short-term Shanghai copper high shock accumulating strength, pay attention to the performance of the upper 70,000 pressure level, and then maintain the preference outlook
.