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Manager Zhang Hunan Weide Investment Promotion, Hunan Weide
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h:mb.
In March, the hot commodity market intensified again. After the strong rebound of black and chemical products, non-ferrous metals also joined the rebound. Among them, copper and nickel are the strongest, with rebounds exceeding
in less than a week.
Why did the seasonal copper price rebound not be so strong, but did the copper price rebound more than expected in the seasonal off-season? The author believes that it is related to the switch of the entire macro environment. At present, my country's macro environment has quickly switched to the reflation stage after turning positive, and the demand for asset allocation caused by the shortage of high-yield assets and abundant liquidity has accelerated the cycle switch. schedule. However, since commodity prices ultimately depend on supply and demand fundamentals, and the risk of policy intervention triggered by asset price bubbles increases, copper prices are likely to rise first and then fall in the future.
From the perspective of inventory,
copper stocks began to fall after hitting a high of
tons during the year on
month
fell to
tons, which fell
tons, while
,: the previous exchange
copper inventory was on
month
corresponding to the since the first half of the year The low point, and the inventory increased by 10,000 tons on January 1, which can be explained by the inflow of copper inventory into the country during the seasonal peak season.
Since the end of the month, the copper inventory of the previous exchange and the copper inventory in the bonded area have both fallen. At this time, the copper inventory has increased by about
tons. We can understand that the disappearance of part of the copper inventory means that there is Demand is accommodated.
Hunan Weide Trading Center is recruiting agents nationwide
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Contact person
Manager Zhang
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