SHANGHAI, Mar 20 (SMM) - Overseas institutions continue to inject liquidity into the banking industry. Banks are mostly faced with the risk of liquidity due to asset mismatch, which means the probability of a systemic financial crisis is low. It is thus expected that the panic sentiment will gradually weaken. The market shall continue to pay attention to the Federal Reserve's decision at its interest rate meeting this week. With the release of various policies, consumer demand has gradually improved, and the fundamentals remain bullish. The inflection point of inventory has emerged, and the premiums have rebounded. The SHFE front-month copper contract has seen a backwardation structure over the SHFE next-month copper. It is worth noting that recently import losses have improved, and imported copper is expected to continue to flow into the domestic trade market, placing pressure on market supply, thus inventory depletion may slow.
The most active SHFE copper contract prices are expected to move between 66,500-68,500/mt this week, and LME copper will trade between $8,600-8,800/mt.
On the spot market side, market concerns over growing influx of imported copper increased as import profit occurred, which lowered spot premiums last Friday. Spot premiums are expected to move between 20-100 yuan/mt this week. Importers will liquidate stocks amid increasing inflows of imported copper.
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