Shanghai copper closed slightly higher, mainly expected to be range-bound in the near future

Last Thursday, driven by the favorable interest rate decision of the European Central Bank, it briefly stood above 59,000 during the session, and then the price of long positions fell rapidly
.
For the later trend of copper prices, the market trading logic is still dominated by macro.

Last week, China's export growth hit a two-year high, and the FDA approved Pfizer and BioNTech's new crown vaccine emergency use authorization applications, which strengthened expectations of economic recovery and provided an upward boost to copper prices
.
Watch for the Fed's interest rate decision this week, which is expected to extend easing
.

Fundamentally, the current overall inventory level is low, especially the inventory in the previous period has fallen to the level of 80,000 tons, and the warehouse receipt in the previous period is less than 30,000 tons, which has obvious support for copper prices
.
Short-term macro news that directly affects copper prices has entered a vacuum period, and the low inventory of Shanghai copper on the fundamental surface brings a supporting effect but it is difficult to drive price momentum, or more news is needed to stimulate Shanghai copper to further out of the shock range, it is expected that the recent Shanghai copper range volatility is dominant, focusing on the volatility around 5.
73-58,000
.
Medium and long-term copper prices maintain a strong outlook, with traders mainly fast forward and fast out in operation, and downstream stocking at the low level of the range
.