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The copper market fluctuated slightly on Wednesday, with copper prices meeting support
at low levels.
The dollar index rebounded on the impact of euro profit-taking, but the copper market focused on US data, employment was less than expected, and the market expected another stimulus policy in the United States
.
In the copper market, LME inventories continue to decline, with low inventories being the biggest support
in the market.
Domestic premiums are higher, and although consumption is not good, the lack of inventory growth and the potential shortage of copper scrap imports are still supported
.
It is estimated that the copper market will remain strong
after short-term shocks.
The Caixin PMI reached 53.
1%, the highest since February 2011, the Eurozone PMI was in line with market expectations, coupled with the dovish signal from the Federal Reserve, the US dollar weakened, and copper prices received strong short-term support
.
However, the current market demand is still not strong, the downstream order volume is lacking, the fundamentals are generally weak, and the slow recovery of the economy may be difficult to support the high level of copper prices to continue to rise
.
Considering that the economic data from Europe and the United States will be released intensively this week, the uncertainty of copper price trend has increased
.
