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Due to the sharp decline in the external market, Shanghai copper night trading showed a significant decline, yesterday fell below the 51,000 yuan line after approaching the low level of nearly half a year, because the current peak season demand has not yet started, copper prices are still weak and cautious, technical pressure gradually accumulated, it is expected that Shanghai copper short-term or weak operation, is expected to fall again risk, test the 50,000 mark support
.
The market is waiting for the Fed's interest rate decision, investors generally expect to raise by 25 basis points, so the dollar strengthened, but the meeting mainly focused on the interest rate hike path revealed by Powell in his debut, in the context of rising risks of international trade wars and no significant increase in inflation, 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, and copper prices are supported
。 Trump or before this Friday to announce a new round of tariffs, trade war worries continue to rise, and copper inventories continue to accumulate pressure copper prices, overnight Shanghai copper fell more than 1%, but March copper rod, copper pipe operating rate is expected to rise, superimposed after the two sessions demand really started, discount narrowing trend is obvious, so it is not recommended to chase short copper prices, but choose a positive set of positions
with a greater margin of safety.
In March, copper prices are cold and cold, and the intrinsic willingness to fall is strong, which is due to the intensification of the contradiction between supply and demand in the copper market, especially in the inventory and domestic refined copper production
.
Given that short-term copper prices have fallen below key support, or triggered technical selling, the medium-term decline may have only just begun
.
