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The copper market remained volatile at high levels on Thursday, and Fed Chairman Jerome Powell's remarks that he would not raise interest rates until he saw uncontrollable inflation pushed the dollar back and supported
the copper market.
But a weaker dollar puts pressure on other countries, and next Thursday's meeting of the European Central Bank is still supported by the dollar, and it is expected that the volatility of copper prices will continue
.
The domestic epidemic is still under strict prevention, but market worries have eased, considering the arrival of the Spring Festival and the possible slowdown in production caused by cold weather, demand may contract
to some extent in the short term.
Macroeconomic data continues to improve, manufacturing PMIs in China and the United States are good, and the United States is expected
to introduce further stimulus policies in the future.
Automobile sales, especially new energy vehicle sales, increased sharply in December, and the Ministry of Commerce plans to boost commodity consumption, and the automotive (especially new energy vehicles) and home appliances sectors may give a certain boost to demand
.
At present, overseas copper stocks are still declining, copper ore and copper product imports are declining, and the long-term trend of copper prices remains unchanged, but in the short term, due to the impact of the epidemic, copper prices may have greater uncertainty
.
