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Last week, the copper market tested the recent range support, and on Friday it rebounded, and copper prices fluctuated
at a low level after falling.
The dollar rose sharply last week, and the market is now waiting for data on new jobs in the United States, which is estimated to increase by more than 600,000, and the market is waiting for clarity
.
On the macro front, U.
S.
economic data picked up quickly, jobless claims fell to the lowest since the epidemic, and expectations of a rapid improvement in employment and U.
S.
policy turned up, but Friday's new jobs were lower than expected, market expectations cooled, and the dollar was blocked from falling
.
On the supply side, TC continued to rise, refined copper production grew rapidly, imports also showed high growth rates, and supply showed signs of
easing conditions.
On the demand side, domestic inventories have declined, discounts have turned into premiums, and consumption margins have improved, but imports have suffered significant losses, tax premiums have declined, and as the market enters the off-season, consumption is difficult to perform
.
European and American PMIs hit a record high, domestic exports have high growth rates, considering that the policy has not yet undergone a real change, the logic of overseas demand is still there
.
In the copper market, excessive prices put pressure on consumption, domestic imports fell and inventories flowed overseas
.
But the Chilean strike remains supportive, and fears of a strike have become market support
as remote workers at the Escondida copper mine are on strike and their unions have begun labor negotiations.
Technically, copper prices are supported at a low level, and short-term shocks are more likely to recover
.
