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On Thursday, the copper market rebounded again after being blocked
.
There were many market factors on the day, earlier the European Central Bank's speech on not targeting the exchange rate caused the dollar to fall, but soon the market will focus back on the US economy, the number of weekly jobless claims in the United States on the same day exceeded expectations and the previous value, while the number of renewed jobless claims recorded the first increase after five consecutive weeks of decline, concerns about the US economy became the focus of the market, and the price retested the support level
.
The LME support level is 6600, 6250 US dollars, the domestic copper price support level is 51300, 49500 yuan, before the United States introduces new stimulus policies, the copper market continues to test the support level is more
likely.
The ECB signaled that it would not intervene in the euro, triggering a downward movement in the dollar or boosting copper prices
.
The decline in domestic PPI continued to narrow, pointing to the fact that domestic consumption is entering the peak season, and demand is showing an improvement trend, which may further strengthen the optimism
of the market.
LME copper inventories continue to be low, especially in Asia, which is close to zero inventory, coupled with the stimulation of domestic storage news and the peak season of traditional refined copper storage, short-term copper prices may be prone to rise and fall
.
However, in the medium and long term, it is still necessary to pay attention to the uncertain risks
of a weaker-than-expected macroeconomic recovery and the conflict between China and the United States.
Recently, the global financial risk appetite has repeatedly wavered, asset price volatility has increased, and some investors are worried that the world's leading economies in the United States will reduce economic policy stimulus, which makes the market more focused on the results of the Fed's September interest rate meeting, because the meeting may release specific guidance for the Fed's new monetary policy framework, or constitute guidance for financial markets, especially the medium-term trend of the stock market and commodities, so the situation from policy expectations to subsequent landing remains to be seen
。
