Comment and Analysis of Copper Market on May 26
SHMET spot
copper
Yesterday, copper prices rose first and then weakened and remained unchanged. From a macro perspective, domestically, the National Development and Reform Commission and other five departments held a meeting and stated that they would closely monitor the prices of commodities, investigate malicious and abnormal transactions, and drive up prices. Affected by this news, the bullish sentiment continued to weaken. In foreign countries, the vice chairman of the Federal Reserve has already issued remarks on reducing QE in the future, and some local Federal Reserve chairmen have poured cold water on the view of rising inflation.
From a fundamental point of view, domestic social inventories have not disappeared, the spot consumption peak season is not booming, and the overall support for copper prices is weak. On the whole, there may be a technical rebound in short-term copper, but it is difficult for macro and fundamental support to push the price to a higher point. From a technical point of view, the intraday copper support is near 9895 US dollars and the pressure is at 10050-10150 US dollars; the main Shanghai copper contract is supported at 71200 yuan and the pressure is near 72260 yuan.
▲SHMETX price index
The Shanghai Metal Price Index rose 208.77, or 0.74%, to 28,515.45 points.
2021.5.26
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