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Copper market afternoon commentary: the dollar returned to a high, the next week London copper closed down 1.
43%; Overseas copper mine disturbance restricts supply, there is still a gap between supply and demand in the domestic industrial chain, while downstream terminal consumption continues to improve marginally, and copper may remain stable
today.
U.
S.
inflation data exceeded expectations during the week, boosting the dollar on expectations of continued interest rate hikes by the Federal Reserve, but dovish overtones from other central banks such as the United Kingdom and Fed minutes dampened dollar gains
.
Recession fears from geopolitical risks and the pace of further tightening continue to rattle sentiment
.
Driven by the European energy crisis and geopolitical conflicts, copper prices have risen
.
Compared with previous rounds of interest rate hike cycles, copper prices do not reflect simple weakness, but mostly strengthened, which shows that the market is not worried about the interest rate hike itself, but the recession expectations
caused by a sharp rate hike in the case of economic optimism.
At present, overseas macro is still bearish, domestic meetings may have policy good news, copper prices are expected to fluctuate widely, with geopolitical conflicts or energy crisis fermentation or a slight shift in the center of gravity, but global recession fears are still intensifying, and the medium and long-term pessimistic atmosphere continues
.
