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After the recent sharp rise, the non-ferrous metal market is more divergent, and the performance of the domestic and foreign copper markets is also mixed
.
Yesterday's Shanghai copper volatility downward, but the overall trend is still strong, Shanghai copper 1603 tail market closed at 37820 yuan / ton, up 610 yuan / ton from the previous trading day, up 1.
64%.
Today's February trade balance will be released at a later date, and the market widely expects it to deteriorate further, which has raised investors' doubts about China's ability to boost economic growth and weighed on market confidence, and Shanghai copper is expected to consolidate
weakly today.
On the macro front, Xu Shaoshi, director of China's National Development and Reform Commission, said on Sunday that the economy is facing greater risks and challenges this year, but the policy reserves are abundant, and there is confidence that China's economy will operate in a reasonable range, and China's economy cannot land hard, making the market hopeful that the Chinese government will intensively introduce economic stimulus measures to support copper prices, but due to the drag of investors' profit-taking, the overall performance is still strong
.
In terms of the market, the market supply began to gradually increase and the supply was sufficient, but the middlemen and downstream enterprises still had a limited discount expansion due to the increase in the market, and the willingness to enter the market was delayed, and the transaction was suppressed
.
Not only that, the 29,000-ton increase in copper inventories last Friday also put a lot of pressure on the market, after the market expected China's copper stocks to enter a downward cycle, which shows that domestic copper consumption is weak, and domestic storage and sales are difficult to change the status quo
.
Shanghai copper continued to close sharply today, and it is expected that there will be a pullback in the near future, but the magnitude is not large, and copper prices remain bullish in the short term
.
Given the fundamentals and corporate costs, there is already limited room for copper prices to rush upwards, waiting for the market to give signs
of the end of the rally.
