February 1 copper market morning review

At the macro level, the U.
S.
stock trading market was chaotic, and the three major U.
S.
stock indexes closed sharply lower on Friday, and the rebound momentum of the dollar index weakened
.
The Biden administration of the United States will reassess the first phase of the Sino-US economic and trade agreement and pay attention to its progress
.
The People's Bank of China has refuted rumors that it will raise the SLF interest rate, and short-term capital tensions have eased
.
China's manufacturing PMI in January was 51.
3%, down 0.
6 percentage points from the previous month, the pace of expansion has slowed, the new orders index fell the most, while raw material inventories still maintained a recovery trend, focusing on the negative impact
at the data level.

At present, the copper market is tight supply and weak demand, and the financial attributes are still strong, which will be pressured in the short term by the rebound of the US dollar and the marginal tightening tendency
of monetary policy.
Today's Shanghai copper or shock is weak
.