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Today's Shanghai copper opened low and rose to converge losses, closing the Shanghai copper main 2108 contract closed at 68870, down 250, or 0.
36%.
In terms of news, the middle and downstream demand for copper has diverged to a certain extent, and the battery-grade copper foil field has been favored by new energy vehicles and is in short supply, and wire and cable companies have not been able to completely get out of the negative impact of the previous high copper prices; Bearish investors have a double bearish message
of the reserve dumping by the Central Bank and the tapering of bond purchases by the Federal Reserve.
Although the first round of reserve dumping was less than expected, it is likely that the reserve bank will sell reserves in the coming months with price adjustments to stabilize market sentiment
.
Overnight, U.
S.
CPI data exceeded expectations, inflation expectations pushed the possibility of dollar tightening, and the rise in U.
S.
indexes weighed on copper prices
after volatility.
On the other hand, although there has been a reduction in the domestic RRR, the recent State Council meeting has not relaxed the easing policy, and the trend of cooling commodities is still the same
.
On the superimposed fundamentals, the current Shanghai copper is still in the off-season, the overall momentum is not good, and it is expected to maintain a high level of volatility in the near future, paying attention to the situation
around 6.
8-70,000.
The operation is mainly fast forward and fast out, and the downstream stocking is wait-and-see, waiting for the low of the range
.
