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Trade Service
Copper market morning comment: Copper prices were weak and volatile
last week.
The US CPI data released in the middle of the week was higher than market expectations, which once again ignited the market's expectations that the Fed will continue to raise interest rates aggressively, and the dollar index soared after last week's weak adjustment, and the market has basically all expected a rate hike of more than 75bp next week, waiting for boots to land
.
The strength of the US dollar is expected to be the main pressure
on copper prices.
In terms of news, China's copper industry from January to August cathode copper and other products exceeded the
schedule.
In the industry, Indonesia's president reiterated on Wednesday that Indonesia would stop exporting primary copper, bauxite and tin to help it leap
up the value chain.
In addition, BHP Billiton's copper miners in Escondida, Chile, voted to strike
.
Although the Federal Reserve is expected to raise interest rates further sharply this month and some major economies are also in recession, global copper supply and demand remain tight due to energy shortages, continuing to support copper prices
.
