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Overnight, London copper fluctuated to the downside, closing at $9,562, down 1.
34%.
The number of unemployed in the United States exceeded expectations, the mutated new crown virus prompted the Federal Reserve to raise interest rates in advance, the rise of the US index suppressed the decline in copper prices, and after the release of market risk sentiment, copper prices are expected to rebound slightly and
stabilize.
On the macro front, after the release of hawkish signals from the Fed minutes, European and American bond yields continued to climb, with the benchmark 10-year U.
S.
Treasury yield standing above 1.
70%, continuing to update a nine-month high, the 10-year German bond yield rising to its highest level since May 2019, and the dollar index rose slightly overall, approaching its high since late December last year, stable above
96.
In terms of the market, the spot market was affected by a slight decline in the market, and market activity increased, coupled with quotations rising again while the market supply was still tight
.
Pingshui copper morning market slightly higher than the previous day in the premium of about 200 yuan / ton to test the market, the market has many inquiries, some can be pressed to 190 yuan / ton to buy actively, holders see the situation to hold high the banner of price, have raised the quotation to 230-240 yuan / ton, downstream are to replenish below the plate of 70,000 yuan / ton, still can be seen in the premium 230 yuan / ton of the dealer, the quotation at the premium 230-240 yuan / ton stabilized
。 After hearing about the source of 210 yuan / ton of CCC-P in the morning market, the quotation was basically concentrated on the premium of 260-270 yuan / ton, but the overall transaction of good copper was not as active as flat water copper
.
From a fundamental point of view, Shanghai copper has fallen, downstream replenishment performance is positive, traders are also more active, plus the import window continues to close, under the tone of tight supply, Shanghai copper rose to the top; Guangdong copper stocks continued to decline slightly, but remained above
10,000 tons.
Due to the limited circulating supply, South China's copper premium rose sharply
.
In terms of inventory, the LME destocked and SHFE maintained the inventory level
of the previous trading day.
Recently, domestic imports have decreased, although downstream consumption is still flat, but inventories continue to decline, and the market is showing a tight supply situation, which supports copper prices
.
