May 31 Shanghai copper brief commentary

On the macro front, Biden proposed a 6 trillion economic budget plan to boost market sentiment
.
The recovery in Europe and the United States continues to improve, policies have not been tightened, and the dollar has fluctuated at a low level, but the top has repeatedly shouted about commodities, and commodities have been suppressed
.
On the supply side, TC continued to rise, refined copper production grew rapidly, imports also showed high growth rates, and supply showed signs of
easing conditions.
On the demand side, domestic inventories have declined, discounts have narrowed, and downstream consumption has improved after the short-term copper price decline
.
However, as the market enters the off-season, it is difficult for consumption to perform
brightly.
PMI in Europe and the United States has reached a record high, domestic exports have grown at a high rate, and the logic of overseas demand is still there
.

Biden took office to propose a budget plan of $6 trillion, infrastructure measures are expected to boost market confidence, last Friday due to domestic speculation to suppress policy affected futures varieties rebounded to the upside
.
In the morning, Shanghai copper opened high, touched the previous pressure level of 74,000, and then fell back to maintain the
volatile market.
At present, the fundamental Shanghai copper explicit inventory destocking has been performed, the global industrial recovery pattern or strengthen copper demand, but the domestic bulk price stabilization measures have not yet landed, pay attention to the recent Shanghai copper range shock performance, pay attention to the narrow breakthrough and volatility around
7.
35-74,000.