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The copper market met again with support in the pullback on Thursday, with the dollar still dominant
.
The number of applications for unemployment benefits in the United States is flat, but the overall situation is still showing that the negative impact of the epidemic on employment and consumption is still there, and the market needs to see the introduction of new stimulus policies
in the United States.
The US dollar has made it difficult for copper prices to go their way
.
Low inventories at the LME remain the biggest support in the market, with spot premiums of $26 indicating tight
supply.
The country is still not busy in the peak season
.
Technically copper prices are again meeting support, and today watch for the LME
copper price to challenge the results of recent highs.
Macroeconomic recovery expectations are optimistic, but the strength of the renminbi has put relative pressure
on Shanghai copper prices.
LME copper inventories continue to be low, but it should be noted that LME Asian inventories seem to have bottomed out, domestic inventories have also accumulated, and the strength of Shanghai copper fundamentals has weakened, but the market is still optimistic about the traditional demand season, Fitch raised its 2020 copper price forecast to $6,000/ton, and the short-term Shanghai copper trend may still be stronger than the medium and long term
.
