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Shanghai copper opened sharply lower on Friday night, once falling below 51,000 yuan / ton
.
The trend is in line with the research and judgment of the short-term market, that is, in the absence of fundamental drive, the main driving force of copper prices is the US dollar exchange rate, if the US dollar cannot continue to decline, copper prices are under pressure, and the US dollar rebound will probably cause copper prices to fall
.
Technically, the dollar index seems to have entered a correction level, and it seems that there is insufficient momentum in the short term to promote further downward adjustment of the dollar, so it is difficult for copper prices to hope for the dollar to continue to fall sharply in the short term and achieve a rise
.
Looking forward to the future market, on the one hand, it is necessary to pay close attention to the foreign exchange market, pay attention to the US economic situation and the relative strength of Europe and the United States, which is the short-term driving force
of copper prices.
On the other hand, it is also necessary to pay attention to the supply and demand situation, the degree of demand decline, the inflection point of the rebound, and the recovery of copper mine production, that is, the balance of supply and demand
.
Of course, the trend of commodities ultimately depends on the macroeconomic background, so the pace of global economic recovery also needs to be closely related, focusing on Sino-US relations, the control situation after the second outbreak of the epidemic and the risk of double dipping of the global economy
.
