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On Thursday, copper prices generally soared and retreated
.
At present, the logic of the short-term market remains unchanged, mainly because it is difficult to increase demand compared with expectations, and with the arrival of hot summer, the peak copper consumption will also pass; On the 11th, the market capital improved, and the overall rebound atmosphere pushed up copper prices, but copper prices failed to hold the gains; The night trading retracement is more serious, because the current copper price is in a volatile phase, so the rise and fall is not very
meaningful.
Last week, copper concentrate processing fees rebounded, and the processing fee quotation exceeded $80/ton, the highest was $82/ton, but the supply of copper ore above $80/ton was still relatively scarce, and smelters were expected to purchase an average price of around
$83/ton.
The US non-farm payrolls data is better, the June interest rate hike is expected to be stronger, and copper stocks are still high, but the cumulative term structure premium from May to October has been small, if the Fed raises interest rates, it is not conducive to copper prices, so the logic of short-term copper prices is macro.
Overall, the previously optimistic speculative atmosphere, i.
e.
overbought sentiment
, has fallen to a low.
The emotional bearish has largely been
reactioned.
In the later stage, it is mainly the landing problem
of the demand off-season.
On the whole, the current copper price is still in the shock stage, the rebound on the 11th is not enough to change the copper price structure, copper prices to rise still need the demand to turn weak and bearish landing
.
