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Overnight, the domestic commodity and stock markets were bloodied, the trade war intensified the hidden worries caused domestic nonferrous commodities to flow out of 3.
3 billion yuan, bulls sold sharply, London copper yesterday opened at 6969.
5 US dollars / ton, the overall trend like opening the gate to release water like a thousand miles, the low to around 6800 US dollars / ton, closed at 6825 US dollars / ton, down 146 US dollars / ton
.
On the news front, the Fed issued an interest rate statement saying that members of the Federal Open Market Committee voted unanimously to raise the federal funds target rate range by 25 basis points to a range of 1.
75%-2%, which is the seventh rate hike since the Fed began its current rate
hike cycle in December 2015.
Although in line with market expectations, the dollar still showed a pulsive rise
.
The strength of the US dollar is more bearish
for its negatively correlated commodities.
In general, the dollar index and copper show a strong negative correlation
.
The U.
S.
economy has entered a better recovery stage, the Dow and other indices are trending well, the interest rate spread caused by tight liquidity attracts more funds back to the United States, further promoting the sustained recovery of the U.
S.
economy, the dollar will maintain a better upward channel, and this will certainly have a strong suppressive effect
on copper prices.
The escalation of the Sino-US trade war has caused panic in the financial market, base metals have collapsed across the board, bulls closed their positions and hedged, the current US side on the trade war to maintain the momentum of going all the way to the black, follow-up attention to how China responds, if the mood is repaired, the current panic is expected to cover back
.
The London Copper 6800 platform is slightly supported
.
