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Overnight, London copper opened at $6907.
5 / ton, rising slightly at the beginning of the session, finishing at 6915 US dollars / ton
.
Then the bulls entered the market, pulling up the copper price to 6962.
5 US dollars / ton, and then showed a volatile downward trend
.
After entering European time, the volatility continued, and the decline slowed down, reaching a high of 6974 US dollars / ton
.
Then the dollar strengthened, and copper prices were pressured to fall below the daily average, falling to a low of $6852 / ton
.
There was a slight pullback at the end of the session, closing at $6889.
5/ton, the volume minus 1,717 lots to 12,900 lots, and the position down 156 lots to 310,000 lots
.
In terms of news, there is no suspense in raising 25 basis points at this week's Fed interest rate meeting, focusing on the interest rate hike path revealed by Powell in his debut, in the context of rising international trade war risks and no significant increase in inflation, the dot plot shows that more than four interest rate hikes are less likely, so it is expected that the dollar will maintain a volatile trend on the eve of the interest rate meeting, and after the interest rate hike lands, the dollar will turn from strong to weak, which has more impact on copper prices
.
As the US dollar index continues to strengthen, superimposed on trade war concerns, copper prices in the two markets fell again, London copper weekend night performance continued to pullback, fell below the $6900 line, rebound momentum is obviously weak, in the long run, the shortage of scrap copper supply supports copper prices well, the technical above the average resistance is still suppressed, short-term bearish is still under strong pressure, it is expected that today's London copper or maintain a narrow range, the decline is expected to be limited
.
