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During the Spring Festival, the international commodity market was restless
.
Industrial metal futures continued to rise, copper prices hit a new high in more than 8 years, tin prices hit a new high in nearly 8 years, and nickel, aluminum, lead, etc.
all continued to rise
.
The enthusiasm of the international oil market was also ignited, hitting a new high
in more than one year.
Some precious metals and agricultural products were active
.
With a new round of fiscal stimulus in the United States, central banks in Europe and the United States maintaining easing and the spread of vaccines, the market is becoming more optimistic about the global economic recovery, and inflation expectations and market risk appetite are rising
.
On the macro front, although the global economic recovery is facing the challenges of the epidemic, overseas monetary policy is expected to remain loose, coupled with the recovery of temperature and the smooth progress of vaccination, global economic recovery will remain the main theme
of the market.
Fundamentally, under the initiative of the national New Year in place, the recovery progress of copper consumption is expected to increase, while the domestic refining copper production growth in February is expected to be limited, and the arrival of electrolytic copper in February and March will decrease, so copper supply may face a phased shortage
after the holiday.
In addition, the current copper market is in the traditional accumulation stage, but there is no obvious accumulation phenomenon, the overall domestic copper inventory is still at a historical low, it is expected that the scale and duration of this year's Spring Festival accumulation may decline compared with the previous year's level, which will also provide some support
for the price of copper.
Overall, it is expected that the main contract of Shanghai copper will fluctuate to the upside
.
