Brief review of Shanghai copper on March 15

On the macro front, the US stimulus bill was signed, the number of jobless benefits for leaders hit the lowest level since November, the foreign ministers of China and the United States will meet and talk next week, and the international political environment is good; ECB left its benchmark interest rate and quantitative easing unchanged; Considering that the acceleration of economic recovery in Europe and the United States is still on the way, there is still room
for growth in the future.

On the supply side, the supply and demand between mine and smelting is still in a tight pattern, and TC is still declining
.
On the demand side, the traditional peak season of the copper market is coming, and the repair of demand will gradually increase the impact of fundamentals
.
Refined waste spreads are also declining
.
Domestic spot stocks were 293,000 tons, an increase of 127,900 tons from before the holiday, and the seasonal accumulation range was slightly lower than the level of
the previous two years.
As demand picks up, there is basic support for copper prices, but we must also beware of the impact of
U.
S.
bonds on the market.

On the consumer side, domestic automobile production increased by 89.
9% from January to February, and with the arrival of the peak season in March and April, downstream demand will continue to improve, coupled with the risk of recent supply-side strikes, copper prices hold a strong outlook
in the medium and long term.
It is expected that the night range is strong, and the main reference range: 6.
7-68,500.

Operationally, it is recommended that the merchant wait and see, a small amount of dumping, and the downstream just need to prepare the goods
.