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Copper prices continued to fall on Thursday, the main reason for the retaliatory rise of the dollar, after half a year of dormancy at the low, the tone of the recent Fed meeting began to weaken, triggering a sharp reduction in dollar bears, which also means that the financial attributes of commodities have declined, and prices have begun to return
to fundamentals.
On the macro front, global central banks are likely to continue to maintain their current ultra-loose monetary and fiscal policies, and the US dollar is expected to remain weak
.
After the Fed's interest rate decision, the dollar was greatly boosted by a sharp increase in expectations for the future economic outlook by Fed officials, which led to a strong upward offensive
for several days.
This is more obvious for the pressure on copper prices, coupled with the previous landing of storage related matters, there is also a certain negative impact on copper prices, so in this case, the current copper price is recommended to maintain a wait-and-see attitude
.
In terms of fundamentals, the CSPT team failed to finalize the floor price of copper concentrate processing fees in the second quarter of 2021, indicating that the market may have some disagreement on the future supply of copper concentrate, but it is still difficult to say that it is abundant, and on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, but due to the current market Fed dumping rumors interference and the impact of the possible tightening of central bank liquidity worldwide, so overall, it maintains a relatively neutral attitude
。
Last week, the domestic electrolytic copper bonded warehouse increased by 6,800 tons, and the social inventory fell by 19,500 tons, and the low global electrolytic copper inventory situation is sustainable
.
The latest round of interest rate decision of the Federal Reserve released a hawkish signal, and the US dollar index approached 92, giving copper prices strong suppression, but considering that the 68,000 yuan / platform support is still effective, it is recommended to maintain a wait-and-see
first.
