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Overnight, global financial markets cooled, and non-ferrous metals generally plunged
.
The highly contagious Delta virus is seeing an increasing number of cases around the world, undermining the sustainability
of the global economic recovery.
Commodities have generally been sold off, and pessimism is pervasive
.
By midday's close, Shanghai copper was down 1.
1% and international copper was down 1.
36%.
On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, and although the dollar has been strong after this interest rate meeting, it is largely an overdraft
of future economic growth.
In terms of fundamentals, the current TC price continues to recover, coupled with the rumors of domestic storage dumping, so the supply side has a more negative impact on copper prices, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, so overall, it maintains a relatively neutral attitude
.
As the spread of the Delta variant made investors nervous about the global recovery and shifted money to safe assets such as the US dollar, the dollar index rose above the 93 line
at one point.
At the same time, crude oil prices have fallen sharply by more than 7%, and have fallen back to the $66.
6 / barrel line, in this case, copper prices are also difficult to get rid of the fall, but when the price is lower, there will also be some pent-up buying interest in the previous 2 quarters, so in the current situation, still maintain the judgment
of copper price volatility.
