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Copper market afternoon commentary: the dollar soared stock market diving, overnight London copper shock bottomed out to close down 2.
17%; Market tightening expectations rose again, with the easing of domestic spot supply and the decline in premiums weakening price support, and copper was expected to fall
.
Overnight copper prices showed a rush back down the market, long shadow in the Yin K line closed, the market after the holiday is more repeated, Asia-Europe session, with the rise in oil prices and domestic demand is expected to improve, copper prices inertia rushed, but with the release of the US CPI data, strengthen the US interest rate hike expectations, copper and other metals should fall back, the plate quickly turned green
.
With the arrival of the traditional consumption season, the willingness to purchase at bargains in the domestic spot market has strengthened; Low inventories and supply risks have pushed copper prices stronger
.
The US CPI for August released today is expected to cool for the second consecutive month, and inflation in many areas such as gasoline will decline or ease.
And developed economies such as the European Central Bank are becoming increasingly hawkish in the fight against inflation, and the dollar continues to fall
.
From a fundamental point of view, low domestic inventories and high spot premiums will limit the short-term price fall.
