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The copper market was in a narrow range of high on Monday, and the dollar's one-time decline seemed to have little encouragement to the market, which was skeptical that the United States could launch stimulus at the end of the year
.
At the Fed's meeting on Tuesday and Wednesday, expectations for expanded monetary easing also cooled
.
Macro, domestic consumption data is strong, new energy vehicle sales growth accelerated, the UK began the first round of vaccination of the new crown pneumonia vaccine in China, Pfizer vaccine pending FDA approval, in the face of the impact of the epidemic, the market's expectations for a new round of stimulus policies in the United States are constantly increasing, the dollar index hit a new low in two and a half years, and continues to hover at a low level; The European Central Bank increased its easing, further improving market risk appetite
.
Although the market Chile Centinela copper mine trade union signed a labor agreement, the risk of strike lifted, but the main production areas of copper mines are still plagued by the epidemic, and at present, due to relatively low inventory, with the overseas epidemic under control and economic recovery, copper prices have been strongly volatile
.
Back to the copper market, copper prices rose sharply to suppress consumption, domestic supply began to increase, of course, we need to see the inventory increase formation trend, the market strength can change
.
In the short term, the Fed meeting is still supportive, copper prices will still fluctuate high, and $8,000 is a strong resistance
.
