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As of 3 p.
m.
on Friday, the main 2107 contract of Shanghai copper was at 73350, up 1.
65% or 1190 points
.
Last Sunday and Tuesday this week, the National Development and Reform Commission repeatedly emphasized the statement of commodity price protection and price stabilization, and the market was worried about the escalation of regulation, and Shanghai copper weakly bottomed out 71,000
.
On Thursday night, Biden proposed a $6 trillion budget plan to boost infrastructure, and commodities led by crude oil strengthened again, and Shanghai copper opened above 74,000 on Friday morning, but it was difficult to stabilize some of the gains in the afternoon
.
On the macro front, the Fed has diverged in the timing of tapering QE, volatility in the currency market has intensified, the dollar index has stopped falling back to the 90 mark, the direction is not yet clear, and the market awaits more economic data and the June meeting
.
In terms of the market, spot copper rose by 1510 yuan this week, and the premium was relatively stable, and the good copper discount was 50 yuan
.
Monday's market plummeted to around 71,000, downstream buying into the market increased significantly, good copper supply is relatively tight, but the follow-up transaction is not satisfactory, especially on Friday the market rose again, the discount range is difficult to narrow
.
In terms of import profit and loss, affected by domestic control and the sharp rise in the yuan, the import window continued to close this week, and expanded to around 2200 yuan on Monday, and remained within
1,000 yuan on Friday.
Fundamentals have been repaired, the world's largest copper mine plans to strike, but with measures such as outsourcing workers, TC continues to stabilize; The spot market fell with the market, the downstream stop and see mentality loosened, bargain hunting, the last period entered the destocking stage, relatively supported copper prices
.
From the current situation, the national price stability and the global financial attributes of copper are mutually restricted, and the risk of macro-control will increase significantly after the copper price breaks through 74,000, so maintain the previous range-bound view, downstream customers make up for the low, traders consider high selling and low absorption
.
At present, the trend of market analysis is divergent, long-term green energy decarbonization has formed copper price demand superimposed on Chile Peru copper mine policy changeable supply concerns, supporting copper prices to maintain a high level, but on the other hand, high copper prices have an impact on domestic midstream production enterprises, and the recent or mainly to maintain stability to prevent rapid price conversion
to residential ends.
It is expected that Shanghai copper will remain high and volatile next week, and if the rise is too fast or trigger a rapid decline, the overall support is strong
.
