On Thursday, Shanghai copper main 2405 contract volatility is strong, last night high narrow volatility led to a slight drop in Shanghai copper, the current copper price into the high volatility range, domestic recent months to maintain the C structure, spot import window closed, electrolytic copper spot market atmosphere on Thursday flat, downstream fear of high waxing sentiment strong, spot discount expanded to 175 yuan/ton. LME London copper stocks rose 111,000 tonnes yesterday. On the macro side, the sales of existing homes in the United States in February increased by 9.5% on an annualized basis to 4.38 million units, the highest growth rate in a year. At present, the high mortgage interest rate has entered the new normal, and with the continuous influx of immigrants and the continuous improvement of the employment environment, the housing demand has further increased steadily, and the strong demand has also brought upward pressure on prices. The median U.S. home sales rose 5.7 percent in February from a year earlier to $384,500, the highest level since 1999, and a rebound in the U.S. housing market boosted the dollar index, which weighed on metals in the short term. Initial claims for U.S. unemployment benefits fell 210,000 in the week ended March 16, below a median forecast of 213,000 and remaining near historically low levels in a sign of continued resilience in the U.S. labor market. Industry: From January to February, domestic refined copper imports totaled 611,000 tons, +20.6% year-on-year, of which imports in February were 252,000 tons, +10.7% year-on-year.

Strong existing home sales growth in the United States and highly resilient labor market conditions helped the dollar index rebound, weighing on copper prices in the short term; However, from the fundamental point of view, overseas mine supply interference continues, London copper inventory is still low, a number of large domestic smelting enterprises or plan to jointly reduce production will lead to domestic tight balance in the second quarter is expected to continue to heat up, copper prices are expected to maintain a strong shock trend.

Operation suggestion: go long on dips.

(Managing Editor: Ying Ying)

Tag: Copper crown gold source futures copper price