1、 Trend analysis

Copper prices rose sharply this week. By the end of the week, the spot copper price was 61248.33 yuan / ton, up 5.39% from 58116.67 yuan / ton at the beginning of the week, 5.68% from the beginning of the year, and 25.84% from the same period last year. This week, LME copper rose again in March, closing at US $8205 on Friday, up 5.82%; this week, the Shanghai copper index moved up to 60390 yuan, up 4.48%. This week, the international copper index closed at 53750 yuan, up 4.41%.

Bitcoin rose sharply at the beginning of this week, while OPEC meeting promoted production reduction to drive crude oil up sharply, and market inflation expectations rose. Meanwhile, the Democratic Party of the United States basically controlled the two houses in the election. The market hopes that the United States will introduce more stimulus policies, and China’s infrastructure construction expenditure is expected to be optimistic. The overnight copper output rose by $99 to an eight year high. Concentrate supply may remain tight, and global inventory is at a historical low Under the background of continuously favorable macro situation, the market is optimistic, copper has broken through the 8-year high and reached 60000 yuan / ton.

Based on the above situation, the macro atmosphere is optimistic, the market risk preference is improved, and the copper price is rising, but the epidemic is still raging, the current basic support is limited, and the copper price is expected to fluctuate at a high level in the short term.