This week, the "SMM Copper Industry chain Weekly report" was released, and the editor selected hot topics, prices, quotations or major changes in the industry chain and published articles for your reference. Welcome to subscribe to the "SMM Copper Industry chain Weekly report" to learn more.
The push for a new round of fiscal stimulus in the United States has been repeatedly frustrated, adding to the liquidity performance of the central bank at the end of January, squeezing some gains in the stock and commodity markets. After entering February, the central bank has started 270 billion reverse repurchase plus 100 billion 14-day reverse repurchase. For the upcoming Spring Festival capital peak, the central bank will certainly focus on stable liquidity expectations, and pre-festival market confidence has also significantly rebounded. The copper market has been supported and rebounded significantly after the bottom. From a fundamental point of view, although the traditional Spring Festival effect has a certain negative effect on copper consumption, processing enterprises such as enamelled wire, copper pipe, copper strip and copper bar during the Spring Festival holiday in 2021 have been boosted by export orders. the state's encouragement and call for "local celebrations" also make some enterprises continue to start work during the Spring Festival, the weakening of copper consumption is not as obvious as in previous years, the accumulation of social inventory is not as expected, and the tension of superimposed copper concentrate is becoming more and more intense. There is some support for copper prices in the short term.
Copper prices showed a V-shaped trend during the week. Under the influence of the continuous tightening of the liquidity margin of the domestic central bank in January, copper prices fell somewhat, and the progress of the superimposed US fiscal stimulus bill was thwarted. At the same time, the recent US economic data were better than expected, supporting the US dollar to continue to rise above 91.5. copper prices also fell 56860 yuan / ton on Wednesday, breaking through key support levels. However, the expectation of post-holiday liquidity easing caused the bulls to cover their positions below 57000, and the support of the copper price rebounded significantly after the trough, and the departure of the bears also laid a technical foundation and confidence for the bulls to enter the market in the future. Technically, the copper price regained the support of the recent moving average on Friday after it briefly hit the bottom and fell below all moving averages, but the 20-day moving average pressure above is still obvious. It is expected that pre-holiday copper prices will return to the previous range volatility, but the bottom should be able to get rid of this week's lows, the center of gravity has rebounded significantly.
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