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Copper Market Morning Review: The LME metals market was closed today due to the summer bank holiday and resumed trading
on August 31.
Domestically, non-ferrous metals were generally red, with international copper and Shanghai copper rising nearly 1.
3%.
Fed Chairman Jerome Powell said at the Jackson hole meeting last week that it may be appropriate to start reducing QE in 2021, but there is no rush to raise interest rates
.
Powell's speech signaled that the Fed would tighten monetary policy in a more dovish, market-friendly way, which largely eased market concerns
.
The dollar index retreated sharply, and copper rose significantly
.
From a fundamental point of view, scrap copper tension is still the biggest positive factor in the market, the inversion of the refined waste price spread makes the refined waste substitution effect obvious, coupled with the restrictions of logistics ports, it is difficult for imported copper to flow into the market in the short term, making it difficult for the country to continue to accumulate, and the fundamentals still have some support
for copper prices.
The external market is closed for one day due to London Bank holidays; It is expected that today's Shanghai copper will run at 69,500-70,000 yuan / ton, and the spot premium will be 160 yuan to 230 yuan / ton
.
