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Recently, due to the overall weakness of macroeconomic data, the market is generally worried about whether China's demand can fully recover, whether the Trump administration can promote the tax reform plan as scheduled is doubtful, London copper fell below $5,800, Shanghai copper is under obvious pressure, the morning shows a continuous decline, returning to 47,000 yuan of important integer below the weak operation, although the midday close rose slightly, but the overall trend is weak, capital tension superimposed on the purchase restriction policy, coupled with the gradual entry into the consumption off-season, copper market demand can improve is difficult to predict
.
In terms of news, there was a strike at the Grasberg copper mine in Indonesia, and copper supply was once again threatened
.
In fact, a number of mining giants have recently lowered their annual copper production targets, and this year's copper market may have a tight supply situation
.
Supply worries spurred a rally in copper on Tuesday, hitting a three-week high of $5,820 during the session, though caution over slowing demand in China limited gains and returned to losses earlier this year
.
At present, the focus of the market is on the Federal Reserve's FOMC decision statement released at 2 a.
m.
on Thursday, hoping to seek important clues
to the June interest rate hike.
In terms of the market, the current domestic refined copper production is still excessive, the inventory of the two cities has increased slightly, the market is generally more cautious about yesterday's sharp rise in copper prices, holders actively adjust prices and shipments, downstream users due to the holiday has been bargain hunting, the current is mostly on-demand procurement and stocking, the willingness to receive goods is weak, within the day Guangdong electrolytic copper transaction turned back to premium, showing that the holding of goods to sell mentality appeared, the overall transaction is light
.
In terms of copper scrap, the market continues to be in short supply, the market generally reflects the scarcity of supply, in the case of copper prices falling, holders are more reluctant to sell, downstream users are generally bargain-priced, on-demand adoption is the mainstay, trading is still weak
.
