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Recently, affected by the strong US dollar index, the start of the Sino-US trade war, and the United States' implementation of steel and aluminum tariffs in many regions, market concerns have intensified significantly, and copper prices this week are mainly affected by macro market sentiment under the premise of lack of guidance from fundamentals, and the overall volatility is large
.
In foreign countries, London copper mainly runs around the range of 6730-6900 US dollars, the fluctuation range is about 170 US dollars, mainly suppressed by the US dollar index, and the large changes in inventory aggravate the volatility of copper prices
.
On the macro front, the trend of the dollar index this week is still the focus
of market attention.
On Wednesday, the dollar index briefly hit the 95 mark, hitting a new high
of nearly six and a half months.
Meanwhile, the 10-year Treasury yield has risen by dozens of BPs
from the end of last year.
Both the dollar and U.
S.
Treasury yields closed higher, the dollar index ran strongly, political tensions in Italy eased, and the dollar index fell
slightly.
The dollar index is expected to have some room
to fall next week.
In terms of news, the Sino-US trade war 2.
0 has rekindled; the United States' additional tariffs on steel and aluminum to the European Union, Canada and Mexico will take effect from June 1, and market worries have risen significantly, which is expected to suppress metal market confidence
next week.
In terms of the market, Guangdong electrolytic copper from the beginning of the week full discount to premium again, inventory fell slightly, holders resumed selling prices, the beginning of the month quotation was more chaotic, the transaction difference was obvious
.
Copper scrap is still affected by environmental protection supervision and solid waste import policies, supply continues to be in short supply, downstream demand shows signs of weakening, holders ship at high prices, downstream has no obvious confidence in receiving goods, due to the continuous narrowing of refined waste price spread, local electrolytic copper inventory dematerialization has slowed down slightly, the market has increased the purchase of six types of copper and domestic copper scrap, and the transaction is weak
.
Overall, domestic copper prices are still affected by the tight capital at the end of the month, although China's manufacturing data support is more obvious, but the rekindling of the Sino-US trade war has made capital profits flee from the sidelines, and there is no obvious upward momentum
in the short term.
It is expected that next week, London copper may test 7,000 US dollars, and Shanghai copper has no possibility
of breaking through 52,000 yuan.
