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Overnight, London copper fluctuated along the daily moving average widely, opening at 6872.
5 US dollars / ton, dragged down by COMEX copper at the beginning of the session, straight down to 6811 US dollars / ton, and then intended to climb, with the arrival of European time declared failure, and then fell to a low of 6785 US dollars / ton
.
After a slight recovery, bulls poured in after entering the US time, pulling copper prices to a high of $6880/mt
.
After a slight shock to the downside, the late shock tightened, closing at 6832.
5 US dollars / ton, down 57 US dollars / ton, the trading volume increased by 2773 hands to 15733 lots, and the position increased by 1475 lots to 311,000 lots
.
This week, the Fed raised 25 basis points without suspense, focusing on the path of interest rate hikes revealed by Powell in his debut, in the context of rising risks of international trade wars 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 after the rate hike lands, the dollar will turn from strong to weak, which will have more
impact on copper prices.
Trump may announce a new round of tariffs before this Friday, trade war worries continue to climb, copper stocks continue to accumulate to put pressure on copper prices
.
Due to the cautious suppression of the Fed's interest rate meeting this week, superimposed on trade war concerns, the two copper prices continued yesterday's decline and pulled back again, London copper night performance continued to be weak, currently approaching the status of $6800 last week, the 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 to a certain extent, short-term bearish is still under strong pressure, it is expected that today's London copper or maintain a narrow range, it is expected that copper prices under the US dollar interest rate hike or further fall
.
