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Copper prices rebounded slightly on Friday, falling under pressure, and the market traded averagely
.
U.
S.
data has fared better recently, with retail sales posting the biggest increase in five months in August, stronger U.
S.
data raising the possibility of an early taper, and a sharply stronger dollar, weighing on metals performance
.
Spot support has weakened in the short term, but the peak consumption season is approaching, and grid infrastructure investment is generally strong in the fourth quarter, Shanghai inventory is at a historical low, and the total inventory level is low
.
Technically, the short-term trend of copper prices has weakened, mainly wait-and-see
.
On the macro front, US retail sales recorded 0.
7% m/m in August, beating economists' forecast of -0.
8%.
The number of initial jobless claims in the United States for the week ended September 11 was 332,000, which was basically in line with expectations
.
The release of retail sales data eased the market's concerns about economic recovery, while the expected performance of employment data pushed the dollar index all the way higher, and also put a thin veil on Taper's process, but it can be seen that the market has expectations
for Taper to start as soon as possible.
Chilean copper committee Cochilco recently cut its copper price forecast
due to slowing demand in China and anticipation of a curtailment of stimulus measures in the United States.
Domestically, the National Development and Reform Commission frequently spoke out yesterday, saying that it would closely track and monitor market price changes and continue to put material reserves
on the market.
At the same time, it said that it is necessary to guide all localities to effectively do a good job in ensuring the supply and price stability of people's livelihood commodities on important festivals such as Mid-Autumn Festival and National Day
.
Fundamentally, positive news continues on the mine end, with Codelco saying on Wednesday it had reached a pay deal
with the union representing the smaller Salvador copper mine in northern Chile.
In terms of consumption, as there is only the last trading day left before the Mid-Autumn Festival, downstream stocking demand has driven the rise of Shanghai copper and South China copper
premiums.
In terms of inventory, the LME and SHFE continued to destock.
In terms of imports, the import price ratio weakened after the change of month, and the activity of import transactions was suppressed
.
Overall, the expectation of domestic selling and the strengthening of the Fed's Taper expectations, copper prices have declined after the month, and unilaterally maintained a wide range of shocks and the judgment of downside risks
.
