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Copper market morning comment: The main Shanghai copper futures contract fell back on Monday, rising 1.
3% to 73,780 yuan per ton, and finally closed at 72,880 yuan per ton, and the spot premium fell slightly by 20 yuan per ton to 330 yuan per ton.
In terms of news, the National Energy Administration released national power industry statistics from January to February on March 21, showing that as of the end of February, the country's major power generation enterprises completed investment of 47.
1 billion yuan, down 1.
9% year-on-year, of which hydropower was 12.
3 billion yuan, down 19.
6% year-on-year; Solar power generation was 9.
4 billion yuan, a year-on-year increase of 153.
7%.
The investment in power grid projects reached 31.
3 billion yuan, a year-on-year increase of 37.
6%.
On the macro front, Fed Chairman Powell hinted at a 50 basis point interest rate hike in May, and repeatedly commented that inflation was too high, analytically, short-term stimulation of the dollar to put pressure on the outside market, while medium-term support for copper prices to run strongly
.
From the short-term trend of copper prices, the volatile market may continue
.
The bulls have no clear upward momentum, while the bears are waiting for an opportunity
.
