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Yesterday, the Bank of England left interest rates and QE unchanged and lowered its economic growth and inflation forecasts
.
The dollar remains weak and continues to the downside
.
This week's news is also relatively light, London copper opened at 6349 US dollars / ton, the overall market showed a bottoming pullback trend, after the opening copper price slightly touched to 6375 US dollars / ton, after a short high shock run, bears gradually entered the market to suppress copper prices, copper prices fell all the way down to 6302 US dollars / ton, and then stopped falling to 6330 US dollars / ton
.
The center of gravity of copper prices in Europe and the United States began to move upward, and finally stood near the daily average of 6340 US dollars / ton, and finally closed at 6345 US dollars / ton, down 9 US dollars / ton, the transaction decreased by 2924 lots to 12858, and the position increased by 21519 to 344,000 lots
.
In the market, as of August 2, the spot price of London copper was $6,301/ton, a discount of $31.
75/ton over the March contract; The actual ratio of Shanghai copper spot to London copper spot was 7.
89 (import ratio was 7.
97), and the import loss was 273 yuan / ton; The actual ratio of the Shanghai copper 3 contract to the London copper March contract was 7.
95 (the import ratio was 7.
97), and the import loss was 143 yuan / ton
.
In terms of news, the number of ADP employment in the United States in July was lower than market expectations, and a Fed official then said that the Fed should pause interest rate hikes, the dollar rose first and then declined, falling back below the 93 mark, and non-US currencies and spot gold and silver fluctuated
with the trend of the dollar.
The political situation in the United States, especially the so-called "Russiagate", continues to weigh on the recovery of the dollar, and the expectation of another interest rate hike in the coming months seems to be fading, which further clouds
the outlook for the dollar.
