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Copper prices topped their 2018 highs
on Thursday.
The Fed minutes focused on further steps to stimulate the economy and provide market support
.
In the copper market, although the high price inhibits buying, but the low domestic inventory is objectively existing, if it is not a problem with consumption, or if it is not a domestic supplement to stimulate the increase in imports, this contradiction is still helping to increase prices
for the time being.
Technically, breaking the 18-year high on the LME opens up
upside.
On the macro front, the number of U.
S.
leaders unemployment benefits rose for two consecutive weeks, employment data was weak, the market was expected to strengthen expectations for a new round of stimulus policies, coupled with the vaccine positive news stimulus, the dollar fell below 92, copper prices hit a new high
.
On the supply side, domestic refined copper production continues to increase, in line with refiners' expectations of catching up with annual production, and there are tightening expectations
on the mine side.
The demand side is relatively strong
.
However, the spot market is afraid of heights, the premium continues to decline, the overall transaction is weak, and there are still hidden worries on the current demand side, the recovery of consumption data is less than expected, the price index is down, and the current weak consumption is still an important factor
restricting copper prices.
In general, there is strong support below copper prices, but due to the greater concern on the demand side, it is expected that the probability of high copper price shocks is high
.
