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Copper market morning comment: Under the pressure of the strong US dollar, overnight metal futures extended their previous decline, closing down
across the board.
In domestic metals, most of them fell in early trading, but the decline continued to narrow, with Shanghai copper slightly down 0.
55%.
Hawkish Fed rate hike expectations continued to ferment, the dollar index reached a new high in overnight trading, and copper prices extended losses
.
The market bet on the Fed's strategy in the early hours of Thursday morning, as a guide for the future market, risk aversion remained high, the intraday market is expected to remain weak and volatile, the main support focuses on 70,800, operationally it is recommended to make short-term stocking downstream, and the potential risk factor is the uncertainty
of the outlook for interest rate hikes.
Overall, inflation has put pressure on copper prices in overseas markets, and copper prices will fall
to a certain extent.
However, because the low inventory situation of copper itself cannot be changed in the short term, demand has a good supporting effect on fundamentals, so copper prices will not have much
room to fall.
