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Copper market morning comment: overnight copper prices are weak, market transactions are light, and positions remain high
.
Fed officials made another hawkish rhetoric, the dollar strengthened, and precious metals suffered
.
In addition, the number of ADP employment in the United States is less than half of the previous value, and it will take time for the economy to return to normal
.
China has also begun to be plagued by the Delta virus, and physical demand may be impacted
.
The spot premium fell back to about 300 yuan, and large households sold goods for current behavior, and the downstream lacked performance
.
Technically, copper prices have accumulated new risks, spot support may be limited, short-term short treatment
.
Yesterday, the main force of Shanghai copper fell 1.
11% to 70120
.
On the macro side, the Fed interest rate meeting still released a lot of dovish signals, overseas easing liquidity will continue, the domestic Politburo meeting revealed that liquidity will enter the growth inflection point signal, positive for risk assets, and focus on PMI and US non-farm payrolls data
during the week.
On the supply and demand side, Chile's three largest copper mines will be negotiated on August 7, but LME copper prices will have limited volatility for the time being, and the market is waiting for further confirmation
of the news.
The downstream copper market demand has not seen significant improvement, and the performance of consumption in the off-season is more obvious
.
The domestic pattern of high premium and low inventory is difficult to change, and the fundamentals are gradually improving
.
Copper prices are still tangled in recent days, but based on the consideration of loose liquidity and improved fundamentals, copper prices still have support in the short term
.
