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Last week, Shanghai copper showed a high and strong volatility trend, while COMEX copper continued to stand at a new high, the internal and external prices have not returned, the main reason is that domestic demand has not yet recovered, and the recovery of the US manufacturing industry coupled with the Federal Reserve's increased tolerance for inflation has made the external copper price continue to rise
.
The pace of domestic economic recovery has slowed, and the economic upside is expected to be less optimistic
than market expectations.
Powell's speech on the Fed's policy framework review did not raise the inflation target and was less dovish than market expectations
.
Combined with the current copper price at a high level, the current economic expansion may be difficult to effectively support the high copper price, and due to the gradual recovery of supply, copper prices are expected to show a downward trend
.
The supply of scrap copper in overseas markets needs to be restored, demand has weakened, and the import of scrap copper in Jiangsu has not narrowed; Under the expectation of the peak season of domestic gold, silver and ten, downstream consumption may gradually recover, infrastructure construction will be accelerated, cable demand in peak season can be expected, and spot copper prices are expected to rise
.
