May 11 Copper Market Brief Review

On the macro front, yesterday the president of the Boston Fed, a dovish official at the Fed, said that the Fed should start planning a gradual reduction of its balance sheet after the next rate hike so that the process of reducing the balance sheet is not too abrupt
.
In China, affected by rising non-food prices, CPI increased by 1.
2% year-on-year in April; PPI turned from rising to falling for the first time since July last year, falling 0.
4%
month-on-month.
Due to the decline in global commodity prices, PPI may have peaked and will fall further in
the future.
Last week, U.
S.
EIA commercial crude inventories fell to a five-month high, far exceeding the previous reading and expectations, which sent crude oil prices soaring and also supported the recent weakness of commodity markets
.

In terms of the market, copper prices are hovering at a low level, and the downstream is still mostly wait-and-see, only purchasing at low prices, and supply and demand are
deadlocked.
Yesterday, BHP Billiton's Chilean Cerro Colorado copper miners blocked access to the mine in protest against a series of previous layoffs
.
Since the mine produced 74,000 copper last year, it is expected to have little impact on copper prices
.
Affected by the statement of Fed officials shrinking their balance sheets, the overall metal market was sluggish
in overnight trading.
At present, copper prices are still in a narrow range of shocks, waiting to find a directional breakthrough
.