First Capital Futures: Stockpiling boosts copper prices, early morning pressure causes a pullback

Market panic has eased, and copper prices are gradually stabilizing. Domestic news of copper storage and reserves has stimulated the market, causing copper prices to rebound to above 105,000 at one point, recovering from the decline caused by panic. However, this morning, copper prices failed to hold above 105,000 and faced downward pressure, with the rally narrowing to about 2.5%. Recently, risks have begun to ferment again, and both macro and industry factors contribute to uncertain market sentiment. We expect the short-term speculative atmosphere to continue weakening. Based on the long-term cycle, copper prices may still maintain a strong stance, but it is unlikely to return above 110,000. The expected trading range is between 100,000 and 105,000. (First Capital Futures)