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Copper market early comment: Since the Spring Festival, the performance of bulk industrial products in addition to the turmoil in overseas financial markets has been particularly strong, especially the overall strength of non-ferrous metals represented by copper
.
As of the close of 15:00 on February 22, the main contract of Shanghai copper futures Cu2104 reported a price of 46,370 yuan / ton, a new high since September 2011, of which Shanghai copper futures have risen by nearly 17% since February alone, highlighting the popularity
of non-ferrous metal bulls.
Biden's stimulus package has made progress, and the US House of Representatives may vote on February 26, and it is expected to be implemented
in March.
More importantly, the overseas epidemic situation has improved significantly, the UK will choose to plan to lift the restrictive measures, maintain 0 new additions at home, the market liquidity is abundant, and the rise in government bond yields reflects the market's expected economic improvement; The top leaders of China and the United States called, Biden released goodwill, these macro factors are expected to ferment, which is positive for copper prices
.
On the other hand, Chile and Peru transportation is not smooth, the supply has a certain dry burning in the short term, LME copper stocks have also continued to decline, although the domestic inventory level has increased slightly, but compared with the same period of previous years, the overall accumulation is low, and the downstream start may be earlier than in previous years, demand is expected to start early, copper prices may remain strong
.
