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The copper market retreated sharply on Thursday, testing the low of the recent high volatility range
.
The number of jobless benefits in the United States hit the lowest level since the epidemic, coupled with excellent recent economic data, the price index was ultra-high, and the market expected to withdraw stimulus from the United States strengthened
.
On the same day, the New York Fed announced that it would cut corporate bonds
it bought during the epidemic bailout.
Friday's U.
S.
job creation data was crucial
.
Copper fell more than 2 percent overnight, driven by a stronger dollar and weak demand in China
.
The US ADP employment data was bright, reaching its highest level since June last year, and the market expected the Federal Reserve to change its original stimulus policy, which strengthened the dollar
.
At present, concentrate supply remains tight, but domestic demand is weak
.
Recently, the premium of Shanghai port has also dropped significantly, which means that China's willingness to import is low
.
The LME and domestic spot performance are discounted, and the supply is relatively loose
.
Copper prices may enter the adjustment stage in the medium term, and it is recommended to pay attention to Chilean mine production, copper downstream starts, inventories and spot conditions
.
Back in the copper market, the increase in inventories and the internal decrease may be beginning to reflect the weakness of domestic consumption, and the sharp loss of domestic imports has attracted the attention
of overseas investors.
Technically, copper prices are located near key support levels, and whether this price is valid will determine whether copper prices open downside
.
