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Recently, Shanghai copper has been adjusted to the lower edge of the range
.
The commodity market has been sluggish recently, and copper, one of the leading commodity market varieties, has also weakened its performance
.
Analysts said that the macro news level will continue to interfere with market sentiment, and it is expected that short-term copper prices will maintain a low volatility pattern, but copper price performance in the consumption season can still be expected
.
Internal and external bearish suppression of copper prices
.
Analysts said that with the strengthening of financial industry supervision in recent times, domestic liquidity has gradually tightened
.
In addition, in the context of the continuous implementation of real estate control policies, real estate prices and the scale of new mortgages are expected to be limited
.
Under the background of tightening liquidity and the transformation of the real economy, the risk appetite of market funds has declined, which has put certain pressure
on asset prices including commodities.
In terms of news, Grasberg copper miners under Freeport Indonesia have been on strike for about a month since May 1
.
Affected by the news, Meijing copper soared more than 2%
on the night of May 1.
Analysts said that considering that early copper mine strikes have long been common, and this strike is nothing special in terms of time and scale, the impact will not be too great
.
In the later stage, it is difficult for the news of the copper strike to fundamentally boost prices, and it is necessary to pay attention to the changes in demand
.
From the analysis of the recent macro environment, from the domestic point of view, the recent tightening expectations are still continuing
.
The recent inventory decline has been obvious, and spot market demand is expected to strengthen, which in turn will support the market
.
From the perspective of peripheral markets, the recent US economic data is moderate, and Trump's inflation is still fading, because the market does not believe that the tax reform plan will be approved
by Congress.
France's Macron defeated far-right anti-EU candidate Marine Le Pen by a clear margin in the runoff, and investors largely ruled out the risk
that France would face a political shock similar to Brexit.
Overall, copper prices can still be expected in the peak consumption season, but in the short term, political uncertainty in the United States is still higher than the level the market wants to see, there are many political risks in Europe, and macro news will continue to interfere with market sentiment
.
Direction breakthrough or pressure level breakthrough need more news and market confidence cooperation, the current commodity market bearish sentiment is strong, it is expected that short-term copper prices will maintain a low shock pattern, this week further focus on 45,000 yuan / ton support
.
