SMM11 March 30: in early trading today, Shanghai copper continued to pull up, as of press time, the highest reached 57680 yuan / ton, up more than 3.5%, a new high in nearly seven years.
Shanghai Copper main contract
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On the macro front, the profit growth rate of Chinese companies above October announced on Friday reached the highest pace in nearly four years, and the accumulated profits in the previous October turned from negative to positive for the first time in the year. The domestic economy has continued to recover, and market optimism has boosted the rise in copper futures. In addition, on the international front, the uncertainty of the US election continues to decline, the optimistic expectations of superimposed vaccines, risk aversion has declined, and the dollar index remains low, which is good for copper futures. In terms of fundamentals, copper demand continues to strengthen and inventory destocking continues. According to SMM research, domestic electrolytic copper social inventory has declined for seven consecutive weeks, and the Shanghai Futures Exchange copper inventory has also continued to go to the warehouse, the current inventory is close to a six-year low, to 92912 tons.
[summary of SMM Morning meeting] Copper continues to gain momentum in the domestic macro-positive period.
