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本周(4月7日～11日),LME铜等基本金属在美元走势不确定的情况下再次向历史高位进发。我们发现在经济疲软的背景下,基本金属的金融属性被凸显,金属价格与美元以及基金的进出密切相关。本周伦铜延续上周的反弹行情,但在前期高点处遇阻回落,而沪铜本周与外盘出现较明显的分化,跟涨意愿不足,基本上维持横盘整理走势,在历史高位面前,国内投资者出于风险回避心理,操作上转向理性,更加看重了国内基本面疲软对铜价的压制。本周LME铜库存没有再给市场提供动能,但较低的库存使得铜市对供应产生的冲击更显敏感,期铜的走势与美元汇率的相关性增强。
This week (April 7 to 11), LME copper and other base metals once again to the historic highs in the case of the uncertain US dollar. We find that in the context of a weak economy, the financial attributes of base metals are highlighted, and the price of metals is closely linked to the U.S. dollar and the entry and exit of funds. This week, LME continued its rally last week, but it fell in resistance at the previous high point. Shanghai Copper saw a clear differentiation with the external disk this week, with less than willingness to go up. Basically, it maintained its sideways consolidation trend. At the historical high In front of the domestic investors out of the psychological risk-averse, operational shift to rational, more emphasis on weak domestic fundamentals to suppress copper prices. LME copper inventories this week no longer provide the market with kinetic energy, but lower inventories make the copper market more sensitive to the impact of the supply, the trend of copper and the exchange rate of the United States increased correlation.