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Copper prices rose first and then repressed last week, and copper prices rebounded at the beginning of the week stimulated by the news of domestic infrastructure investment, but the overseas epidemic continued to spread, and the Federal Reserve urgently cut interest rates by 50bp to respond to the impact of the new crown epidemic on the economy in advance, market sentiment deteriorated rapidly again, risk assets fell again, copper prices weakened
.
Market review, the main force of Shanghai copper Cu2004 in the last trading day was weak and volatile, the lowest was 44860, the highest was 45120, and the close was 44900, closing down 0.
93%, and the trading volume increased
slightly.
The LME 3-month copper volatility was lower, closing down 0.
71%
at 5592.
5.
Fundamental news, in the last trading day, the average price of Shanghai nonferrous metal network 1# electrolytic copper was 44735, down 315, spot discount 80, discount narrowing 20
.
Last week's copper stocks increased by 34,366 tons, the increase was still large, spot stocks basically remained discounted, supply was relatively loose, LME copper stocks decreased by 17,900 tons
.
On the macro front, the number of new non-farm payrolls in the United States in February was 273,000, better than expected and the previous reading, and the US stock market reversed sharply at the end of the day, and the dollar index fell to around
96.
The overseas epidemic continues to spread, and panic will put pressure on industrial products, but the sharp pullback in the dollar index has some support
for metal futures.
On Friday, OPEC and Russia did not agree on a crude oil production reduction agreement, Saudi Arabia cut prices and increased production, and international oil prices fell by more than 20%, which may have a certain drag
on base metals.
In terms of copper, in addition to the suppression at the macro level, SMM China's electrolytic copper production in February was 683,100 tons, down 5.
9% month-on-month and 5.
07% year-on-year, and the decline in production was expected, mainly because refiners faced greater pressure on sulfuric acid expansion in February, which triggered a decline in production, and production is expected to gradually recover
in March.
Since March, downstream enterprises have gradually resumed work, lower copper prices and lower raw material inventory levels may stimulate their stocking, and the improvement in demand still needs to be paid attention to
.
Overall, the peripheral macro environment is not calm, the global political and economic situation is not optimistic, copper prices may be under pressure, today Shanghai copper or weak operation, Cu2004 reference range: 44200-44800, short
short operation.
