March 10 London Copper morning review

Copper prices hit a 21-month high of $6,204 last month following news of
the Escondida strike at the Escondida copper mine and the suspension of exports from Freeport's Grasberg copper mine in Indonesia.
Copper prices have fallen sharply over the past week as heightened bets on a March interest rate hike in the United States pushed the dollar higher and weighed on dollar-denominated assets
.

ABN Amro analysts said everyone is betting that the Fed will raise interest rates
in March.
This is what keeps
base metal prices low.
This
can be seen through all base metals, including copper, aluminum, and zinc.

Data on Wednesday showed a sharp rise in private employment in the United States in February, suggesting that even though economic growth appears to slow further in the first quarter, economic fundamentals remain solid, raising expectations of a Fed rate hike
.

Global equities have posted their longest losing streak in more than a year on expectations that higher interest rates will push the dollar higher and bond yields higher
.
The USDJPY hit a three-week high, but the dollar fell
against a basket of major currencies after the ECB's comments lifted the euro.

At 17:00 London time on March 9 (01:00 Beijing time on March 10), three-month LME copper closed at $5,690 a tonne, down 1.
4% from the previous day, and hit its lowest level since January 10 at $5,652
.

Overnight London copper by LME inventory suppression has been four consecutive negative, the end of the day slightly stop the decline and stabilize signs, today released the United States February non-farm payrolls data, expected data to support the dollar interest rate hike, the dollar is expected to be strong under the copper price continues to fluctuate low, intraday operating range of 5650 ~ 5710 US dollars / ton
.