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Short-term macro news is expected to boost copper prices

by:Deyuan      2020-12-25
Recent prices overall price shocks in the bottom, is among a wave of pull up sharply, but vulnerable drag on the copper market fundamentals, prices eventually fall back in place. Terminal market as a whole as weak consumption, copper consumption off-season characteristics significantly, copper prices to rise sharply in the short term is difficult, but the recent macro news may bring boost to the copper market.

the global rate cut open, at the end of the federal reserve will soon to cut interest rates for the first time since ten years ago, to cut interest rates has become a certain event, the market at present the issues of cuts. Global central bank monetary easing expected increase will lead to the increase of global liquidity, will boost prices.

china-us trade relations in the new progress of the 12th sino-us trade consultations to determine this month was held in Shanghai, 30 and 31 of directional guidance for both results of the negotiations, copper will. Starting from the early Chinese purchases of U. S. agricultural products performance, both China and America in the performance of the g20 consensus, so optimistic about the possibility of more talks is expected results, will be a boost to copper.

in late July in recent years, all of the political bureau of the central committee meeting, analyze the economic situation, the deployment in the second half of the economic work. In the first half of this year, China's GDP growth at 6. There are into 3%, the economic stability. While the external environment is relatively serious, weakening global economy, however, domestic on active fiscal policy strength effect, stable monetary policy flexible moderate, positive employment policy comprehensively. Predictions of the political bureau of the central committee meeting will release some policies to boost in the second half of the economy, is expected to be formed on copper must support.

the above a series of macro events, if good news release, will boost prices. Terms of fundamentals, declining processing instructions of copper supply shortage is intensifying, support of copper at the bottom. But due to domestic smelting factory director single accounts for larger, mine side supply shortages to smelting and need a period of time. 2019 kinds of new expansion projects are concentrated in the second half of the year, is expected in the second half of the refined copper in plentiful supply. Seasonal off-season, and the demand side, demand is not optimistic, dominant inventories have begun to tired libraries around the world. So, although the macro news will drive the price hikes, but also limited gains.

so, zhuo and predict the short term, under the macro positive stimulus, the copper price is likely to be the strong shock. Futures operation Suggestions on dips light warehouse to do more; Spot copper market suggest downstream dips ready; Advise businesses low price can be appropriately on the sidelines, copper scrap market price suggest appropriate delivery, not too high.
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