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Copper market morning comment: The main Shanghai copper futures contract fell nearly 1.
37% last week to above 71,000 yuan per ton, and the spot side basically maintained the same decline as futures, and the basis did not change
much.
Overseas LME and COMEX copper fell relatively sharply
.
Copper prices recovered on Friday night
.
In terms of advanced data, as the price of refined copper continued to fall, the refined waste price spread further narrowed, and it is currently close to 4600 yuan per ton; TC/RC decreased slightly due to the gradual recovery of supply; Copper price volatility rose slightly over the 20-day period
.
On the macro front, the central bank released the first quarter monetary policy implementation report and said that the next stage is still steady, and will not consider further water release
.
The US CPI in April surged by 8.
3% year-on-year, and the pressure on the Fed to raise interest rates sharply continued unabated
.
Fundamentally, with the fall of copper prices, downstream acceptance of prices has rebounded, and purchasing willingness has recovered, but there is no aggressive procurement plan
.
As copper prices were weakly influenced by the broader stock market and U.
S.
macro last week, and these factors may dissipate this week, copper prices may show signs
of a slight recovery.
At present, there is no clear trading logic in the market, bulls lack substantial demand recovery, and bears are still waiting for a more aggressive monetary policy
from the Fed.
Strategically, it is recommended that the far month short order continue to hold, and the long or light position enters the market to win short-term pullback gains
.
