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Overnight, copper prices suffered a heavy plunge, the dollar soared, the risk of strikes subsided, bears took the initiative to enter the market to suppress, and London copper fell to 5773 US dollars / ton
.
The environment in emerging countries is turbulent, the dollar continues to rise, the risk of strikes dissipates, and market expectations deviate, bears take advantage of the momentum to enter the market, and the external copper price breaks the 6000 important mark
.
In terms of news, the world's largest copper mine, Chile's Escondida copper miners' association, said on Wednesday that union members will review the latest labor contract proposals put forward by BHP Billiton to avoid a planned strike, but did not provide further details, and the strike eased the bearish copper price; On the macro front, the impact of the Turkish lira plunge has not fully subsided, and the market is still nervous, while the slowdown in China's fixed investment growth in Chengdu is more than expected, which also clouds the outlook for non-ferrous metal demand
.
The market is worried that factors such as the Turkish crisis, trade and political tensions will hurt global economic growth, and most of the increase in metal demand comes from emerging markets, global stock markets fell overnight, non-ferrous metals plunged collectively, London copper fell sharply to a new low in more than a year, and it is expected to consolidate slightly around 5800 in the short term, but the overall is still in a bearish atmosphere
.
