The first strength comes from purchasing. The national reserve reserves about 300,000 tons. Since the end of last year, the purchasing and storage price has generally been around 3000-3500 dollars. These purchasing and storage behaviors, especially those of the State Reserve, have changed the relationship between supply and demand in stages, which is equivalent to absorbing 300,000 tons of surplus. If we continue to buy and store, we can continue to absorb it. The storage and purchasing of the State Reserve makes the inventory stagnate at about 500,000 tons, and the reason for the recent strength of copper is that the cancellation of warehouse receipts has increased significantly in these two days, from 4% in the previous two days to about 12% in these two days, which means that the inventory may decline in the future to promote buying. For the domestic market, it will continue to boost its strength, while for foreign markets, China's consumption is still very good, although it is a special demand.

The second advantage is that spring is the peak season for production and marketing. We have noticed that at this time of year, copper will perform strongly, especially in the bull market and bear market, especially in China, where production and sales are dynamic. In February, output increased by 10%, and imports increased by 50%. Judging from the orders of spot merchants, the orders in late April are quite full. From this perspective, domestic demand is still relatively tight, especially in terms of spot. This tension is also related to the shortage of refined copper caused by the large reduction of 600 thousand tons of waste copper.

The third force is the recovery of the capital market. This force comes from the recovery of international and domestic stock markets, the domestic 4 trillion pull, the top ten industrial revitalization plans, and the domestic PMI reaches 52.4. We seem to feel that China's economy is recovering. Central banks around the world spare no effort to inject capital into the market. With the implementation of various rescue plans, from the revision of fair value to the Federal Reserve's purchase of $1 trillion bonds, the currency swap agreements reached by major central banks eased the crisis from the overall situation of the market, and various funds from the credit market came to this market one after another, and so did China. Credit funds reached 1.86 trillion in March, 1 trillion in February and 1 trillion in January.

The recovery of commodity markets. Off-exchange funds are attracted by the futures market and continue to join this market. Due to the frustration of the real economy and the relaxation of bank credit, the capital speculation market is obvious. It is expected that this situation will continue for some time.