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Copper continued to move higher
after breaking $10,000 on Thursday.
The sharp drop in U.
S.
jobless claims has encouraged the market as the market awaits Friday's jobs data, which is expected to be one to two million, which will determine the Fed's future policy
.
Yesterday's copper main contract rose 1.
71% to 73240 yuan / ton, 1# electrolytic copper settlement price 72690 yuan / ton, spot discount expanded
.
The latest data such as US PMI and employment are still strong; The Fed's commitment to loose liquidity will continue to boost the economy
.
Domestic refineries are about to enter a centralized maintenance period, and the supply side may be tight; LME inventories accelerated their decline, refreshing a more than one-month low; The transaction volume of the domestic spot market is flat, but the expectation of destocking is still there
.
LME inventories continued to fall, and on Thursday China halted all activity under the Australia-China Comprehensive Strategic Economic Dialogue
.
But the deterioration of China-Australia relations has already affected the market last year, with Australia accounting for 4% of China's copper mine imports and not importing
in the first three months of this year.
The impact on refined copper imports is minimal
.
Technically, copper prices break $10,000, and the market will continue to rise to $10,300
.
