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Copper prices fluctuated downward last week, and as of 3 p.
m.
on Friday, the main 2206 contract of Shanghai copper was 71060 points, down 1.
37% or 990 yuan
for the week.
On the macro front, the US CPI in April was lower than the previous value but higher than expected, and remained near
a 40-year high.
Biden emphasized high inflation and pressured the Federal Reserve, followed by Powell winning re-election and taking a more aggressive
stance.
The market bet on the Fed to raise interest rates sharply, the dollar index once as high as 104.
93, Shanghai copper under pressure again broke down
.
Domestic CPI rose moderately in April, PPI rose back, imported inflation pressure still needs attention, and follow-up economic growth pressure is greater
.
The demand side was dragged down by the epidemic, and the performance of the terminal sector was not as good as expected
.
Due to policy support, infrastructure and new energy vehicles are expected to recover, but there is still uncertainty
.
In terms of the market, spot copper fell by 1650 yuan last week, the epidemic in Shanghai continued to be closed, the market continued to fall, superimposed on the price adjustment of cargo holders to realize, last Friday's willingness to buy and enter the market increased, and the trading atmosphere was better than before
.
Domestic maintenance of seasonal destocking, overseas Korean warehouses increased, and the follow-up may flow into the country to ease the relative tension
.
In terms of import profit and loss, the US index rose sharply, close to the 105 mark, the yuan fell below 6.
8, copper prices continued to be strong and weak, and the import profit window opened during the week, now maintained around 500 yuan / ton
.
In terms of inventory, the trend at home and abroad is differentiated, showing a pattern
of internal reduction and external increase.
In the short term, due to the epidemic and epidemic prevention measures, the speed of destocking is not as fast as in previous years
.
The current low inventories still provide solid support
to copper prices.
The macro is generally bearish, the global economic growth is expected to weaken, copper prices are difficult to reach a new high, there is a short-term over-fall and the possibility of rebound brought by demand-side recovery, but the magnitude is expected to be limited
.
It is expected that Shanghai copper prices will continue to be weak and volatile
.
