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Copper market morning comment: Shanghai copper main futures contract continued to maintain a relatively strong last week, due to the main futures for the month, copper prices remained around 63,000 yuan per ton, in fact, still maintained a certain growth
.
After the release of strong consumer spending data in the United States, expectations of a sharp interest rate hike by the Federal Reserve were raised, and the dollar strengthened, putting pressure
on the market.
And the Eurozone manufacturing PMI continued to decline
below 50.
At present, copper prices are supported
by a pattern of tight supply and demand fundamentals.
However, due to the long-term bearish pressure of macro still exists, interest rate hike expectations continue to drive market sentiment, the future market should not be overly optimistic, wait until demand declines with economic contraction, and supply and demand tension is likely to turn to easing
.
Follow up on the Fed's interest rate hike meeting
.
