Chinese demand will still be strong, Shanghai copper is expected to rise strongly on optimism
Shanghai copper continued to rise in the night session, the daily pattern of Shanghai copper maintained a strong rise, the US stocks rose slightly on the information side, crude oil rose slightly in the outer disk, and the US index pulled back. China's better-than-expected data on new loans in January showed demand in China will remain strong. India's Supreme Court blocks Vedanta's copper smelter from opening. Indonesia Freeport copper concentrate export license expired. The U.S. and China held a fresh round of talks in Washington on Tuesday with more optimistic expectations. Copper inventories on the three major exchanges were low. The London copper inventory was 139,400 tons, -775, and continued to be close to the low in 2005. As of February 15, the Shanghai Stock Exchange's inventory was 207,118 tons, +64,391 tons, a sharp rebound. On the 19th, the Yangshan copper premium (bill of lading) was 55-72; the average price was 63.50 (0). The domestic spot market price on the 19th: Changjiang 48990-49090; Guangdong 48850-49050; Shanghai Nonferrous Network 48860-49080, the average price is 48970 (+510). The premium and discount are 180-50, and the average price is 115 (-20). The spot market market has a strong festive atmosphere, and the large rise in the disk continues to suppress buying. In the morning market, the discount is 150~50 yuan / ton, and the transaction is mostly wait-and-see. The discount is about 180~170 yuan/ton, and the transaction is improving. The good copper is lowered to the discount 80~70 yuan/ton to attract some traders to buy. The price of French copper is as low as 320 yuan/ton.