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Copper Market Morning Review: Yesterday's external metals market was mostly red, London copper recovered some of the previous session's losses on Tuesday, and yesterday's new crown epidemic once again triggered a sell-off
in assets such as metals, stocks and oil that benefited from economic growth.
Today's LME metal market is green across the board, as of about 9:30 a.
m.
, London copper fell nearly 0.
2%, international copper and Shanghai copper rose nearly 0.
7%.
On the macro front, U.
S.
housing starts in June, which were released last night, beat expectations and rose to a three-month high
.
U.
S.
stocks were volatile yesterday, with dip buying in the market, with the index posting its biggest gain since March
.
The S&P 500 regained almost all of Monday's losses as fears that a rebound in the pandemic would hamper the recovery eased and copper rose overnight
.
Copper prices rebounded after opening low on Tuesday, the main logic of bears is mainly in the macro side, high inflation data in the United States, the market is worried that the Fed began to contract bond purchases, and also worried about the sustainability
of the US economic recovery.
However, the resistance of spot can not be ignored, the spot premium in various parts of the country has risen, North China has seen the first premium in the past few months, the replacement price of refined copper to scrap copper has fallen, and the consumption of pole and line enterprises has begun to return to normal
.
In addition, spot premiums in East China and South China have also begun to climb, coupled with the opening of import profit windows, the decline in bonded zone inventories, and the domestic supply-demand balance will guide the gradual deepening
of spot and futures premiums in recent months.
Technically, copper prices have returned to the previous volatility range, and short-term shocks are treated
.
