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On the second trading day after the Spring Festival, the copper futures market was very popular
.
At the beginning of the afternoon, Shanghai copper rushed strongly above the 64,000 mark, and London copper also broke through the $8,700 mark in one fell swoop, hitting a new high
in nearly a decade.
As of 15:00, the main 2104 contract of Shanghai copper closed at 64320 yuan / ton, up 1590 yuan / ton, or 2.
53% in a single day; London copper closed at $8,726/ton, up $120/ton, or 1.
39%.
Copper prices are moving so strongly thanks to a favorable resonance between macro and fundamentals
.
In previous years, the start of construction after the festival was as early as after the Lantern Festival, and downstream factories usually reached normal production within two weeks after the Lantern Festival, and at this time the market copper spot trading began to be active
.
The 2021 Spring Festival is expected to return to normal before the Lantern Festival, which will be conducive to the early occurrence of the copper price
upward trend.
China's copper consumption has grown this year, due to the good control of the domestic epidemic after the first quarter of 2020, and the economic recovery speed has increased significantly
compared with other countries.
In addition, after the outbreak of the overseas epidemic, overseas production was significantly restricted, and some overseas demand orders shifted to China, thereby boosting China's copper consumption
.
At present, market consumption has increased compared with the same period of previous years, and spot inventories are at a low level, which is conducive to supporting the recovery of copper prices, but consumption will eventually enter a period of stagnation, so from a fundamental point of view before the holiday, copper prices are more likely to fluctuate in a narrow range, and the shock range is 57000-58500 yuan / ton
.
After the Spring Festival, due to the significant reduction of people returning home this year, some enterprises responded to the government's call, and still started production during the Spring Festival, and the Spring Festival holiday enterprises also resumed work in advance, which is conducive to market consumption returning to normal in advance, so the price of copper after the holiday is more likely to rise significantly, and it is expected that the price may exceed 60,000 again in the short term
.
