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Overnight, London copper opened at $6,020/ton
.
At the beginning of the Asian session, London copper short-term rushed higher, recorded a high of 6035.
5 US dollars / ton, due to the continued rise of the US dollar index, London copper bulls began to retreat, copper prices fell back to the daily moving average, around 6012 US dollars / ton consolidation; Entering the European session, the center of gravity of copper prices slowly shifted, and in the evening, as the United States announced that last week's initial jobless claims fell again and fell to a 44-year low, adding another example to the improvement of the labor market, but also made the Fed's March interest rate hike probability soared to 88%, the dollar index rose as high as 102.
26, London copper accelerated down to 5908.
5 US dollars / ton, closing at 5927.
5 US dollars / ton, down 84.
5 US dollars / ton
.
The dollar index hit a seven-week high as speeches by a number of Fed officials this week raised the likelihood of a U.
S
.
interest rate hike later this month.
A stronger dollar hurts metal buying, as dollar-denominated metals become more expensive
for overseas buyers.
Fed Chair Janet Yellen will speak on Friday, likely to provide the strongest hint of
action in the coming weeks.
Commerzbank analysts said it was not surprising that the copper market had profit-taking from time to time, as the market was tightening but may not have been tight enough to the level
the market has already priced in.
At 17:00 London time on March 2 (01:00 Beijing time on March 3), three-month copper closed down 1.
4% at $5,930, hitting its highest
since February 21 yesterday.
Copper rose to a 21-month high last month as supplies from Chile and Indonesia were disrupted
.
Overnight London copper was suppressed by the strong dollar to close the long black bar, this morning Fed Governor Powell also joined the hawkish camp, in the Fed March interest rate hike call is high, the market hopes that the speech of Fed Chair Yellen and Fed Vice Chairman Fisher in the early hours of Saturday morning can reveal further direction, it is expected that today's London copper operating range of 5900 ~ 5980 US dollars / ton
.
