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First, macroeconomics
First, macroeconomicsInternationally: U.
S.
nonfarm payrolls rose by 235,000 in February, with an unemployment rate of 4.
7%,
according to the U.
S.
Department of Labor.
However, the average hourly wage in the United States increased by 0.
2% m/m in February versus an expected increase of 0.
3%; 2.
8% annualized; Less than expected
.
An industry report released by financial data firm Markit showed that the final value of the US services purchasing managers' index (PMI) fell to its lowest
since September in February.
THE DATA SHOWED THAT THE FINAL VALUE OF THE MARKIT SERVICES PURCHASING MANAGERS' INDEX (PMI) IN THE UNITED STATES WAS 53.
8 IN FEBRUARY, THE PRELIMINARY VALUE WAS 53.
9, AND THE FINAL VALUE IN JANUARY WAS 55.
6
.
Domestically: China's February trade data this week sat less than market expectations, while imports beat expectations, and a rare trade deficit for the first time
since February 2014.
During the two sessions, the government reported that China revised down the 2017 GDP growth index to 6.
5%, while downgrading other major economies, and will continue to adhere to the implementation of a proactive fiscal policy and a prudent monetary policy in 2017, moderately expand aggregate demand, and strive to achieve more than 11 million new urban jobs nationwide, and the urban registered unemployment rate is
within 4.
5%.
Second, this week's market trend analysis
Second, this week's market trend analysis(i) Market analysis
(i) Market analysis
Analysis of key products of cable raw materials (copper): This week (March 6-March 10), domestic copper prices launched a round of sharp correction, and the overall price center of gravity continued to shift
.
Taking the Yangtze River spot market as an example, according to the monitoring data of the cable network, the average copper price at the beginning of the week was 47950 yuan / ton, and the average copper price on Friday was 46280 yuan / ton, down 1670 yuan / ton, a decline of about
3.
48%.
Macro: Domestically, the CPI unexpectedly fell to 0.
8% year-on-year in February, the lowest growth rate since January 2015 and far below expectations of 1.
7%.
The February PPI was 7.
8% year-on-year, the highest since 2008, and 7.
7%
expected.
The market believes that the CPI fell sharply in February, and the inflation pressure eased in the short term, but inflation expectations have not disappeared, PPI has reached a new high, and the transmission to CPI is still continuing, and the news is empty
.
Abroad, the US ADP employment in February, known as the small non-farm payroll, far exceeded expectations, in addition, a number of senior Fed officials, including Federal Reserve Chairman Yellen, intensively released hawkish signals, the US dollar index performed strongly during the week, and copper prices fell under pressure
.
Market: The market traded lightly this week, with fewer smelter shipments and more positive trader shipments
.
At the beginning of the week, due to the close delivery, the price difference of the next month was more than 200 yuan / ton, and after the market pullback, speculators entered the market to receive goods, and the liter discount all the way from the discount 180 yuan / ton - discount 60 yuan / ton to the discount 90 yuan / ton - premium 40 yuan / ton, downstream with the sharp fall in copper prices, active buying increased, flat water copper was favored, the market transaction was active, the quotation was raised to discount 50 yuan / ton - 60 yuan / ton, after the week due to the narrowing of the basis of the next month, speculators fell enthusiastically, and the proportion of speculative buying decreased, The premium is pushed back to show the pressure
.
On the last trading day of the week, the market trading is acceptable, the market imports copper mostly, smelters basically do not ship, traders purchase a small amount of warehouse receipts, purchase mainly below, especially large copper rod factories, etc.
, their orders are better than the previous period, on-demand procurement is a small amount of storage for weekend processing
.
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