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The copper market retreated
after soaring on Wednesday.
In the evening, the Shanghai copper fluctuated at a high level, and the latest closing price of the main month 2009 contract was 52,600 yuan / ton, up 610 yuan, or 1.
17%.
Global explicit inventories are at a low level, overnight London copper closed up $91 to a more than two-year high, the impact of the domestic off-season gradually faded, copper output fell in July, and copper materials rose
today.
The minutes of the Fed's July meeting expressed concern about the economy, but did not consider yield curve control, the Fed said it needed fiscal support, but at the same time expressed concern about the fiscal deficit, the meeting was dovish than expected, and the dollar rose, putting pressure
on stock and commodity markets.
The copper market recently hit a new high supported by the decline in LME inventories, but the domestic rise in copper prices is more repulsive, coupled with the increase in supply, the fundamentals and the rise in prices are more contradictory, and the macro attribute dominated by the US dollar is strong
.
In the short term, the dollar began to rebound after a sharp and sustained decline, which may put some pressure on the copper market, and copper prices may fluctuate after the break, pay attention to the performance
of copper prices at a high level.
