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Copper market morning comment: Yesterday's external metals were mixed, London copper fell on Monday, and after container ships that had been blocked in Suez Canal shipping resurfaced, concerns about rising freight rates subsided, and a higher dollar reinforced negative sentiment
.
In terms of news, the new crown epidemic data in the United States has deteriorated, infections, hospitalizations and deaths have all accelerated, and the Biden administration has called on states to slow down the pace
of easing epidemic prevention measures.
The "Changci" successfully escaped from the shallows, and the Suez Canal ships gradually resumed traffic
.
Last night, the U.
S.
index briefly touched 92.
965, a new high
since November.
A stronger dollar and rising U.
S.
Treasury yields weighed on copper futures
.
Downstream demand continues to repair, the overall performance preference of the consumer side after entering the peak season, the willingness of the consumer side to replenish storage at low prices is strong, the performance of traditional consumption fields such as real estate, home appliances, and transportation is stable and improving, and the renewable energy industry provides new increments
driven by "carbon neutrality".
After the fall in copper prices, the activity of the spot market has increased, and copper prices still have room
for volatility to the upside.