April 28 Shanghai copper brief commentary

Yesterday's sharp rise in the copper market once again formed a fear of heights, in the current stage of fundamental copper consumption is still uncertain, according to market news shows that due to the high price of basic raw materials, the new energy consumption has been suppressed
.
In the near future, the market mainly judges the acceptance of the current copper price, and the easing of Shanghai copper stocking after noon brings more possibilities
for the high stabilization and rebound.
It is expected that the recent high volatility of Shanghai copper is dominant, and the night session may have a strong performance, paying attention to the volatility around 7.
1-72,800
.
Maintain the preference outlook
in the medium to long term.

In the macro aspect, the epidemic situation in major countries has improved, but some emerging market countries have remained at a high level, and the resumption of work in Europe and the United States has continued to improve; Economic data from China, the United States and Europe were strong, and market risk sentiment rebounded
.
The dollar index stabilized, but remained weak
.

On the supply side, Chilean strikes are disrupted; Short-term TC rebounded slightly, refined copper production grew rapidly, and imports also showed a high growth rate
.
On the demand side, the marginal recovery of terminal demand, but the inflection point of domestic copper inventories is not obvious, and the downstream fear of heights after the sharp rise in copper prices is obvious
.
Overseas inventories are dematerializing
.