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Today's external session opened lower, and Shanghai copper is expected to open lower near
the 5-day moving average.
Overnight, Shanghai copper trading volume positions shrank simultaneously, the market wait-and-see sentiment was strong, Shanghai copper rebound strength is insufficient, and the short-term may continue the volatility around 48,000
.
Markets will still need to pay attention to the speech
at Friday's global central bank meeting.
The upper pressure of Shanghai copper is 49000, and the lower support is 48000, 47210
.
Data released on Wednesday showed that LME copper write-off receipts had increased to more than
67,000 tonnes from about 25,000 tonnes last week.
The recent decline in copper prices has played a certain role in promoting the spot side, and London copper and Shanghai copper inventories have declined, but the Fed's attitude remains unchanged, and Sino-US trade disputes are difficult to ease in the short term, and copper prices are still under certain pressure
.
Overnight, Lun copper bottomed out and closed in a small negative, opening slightly lower today and falling below the $6,000 mark
.
U.
S.
and Chinese officials resumed contentious trade talks on Wednesday, following U.
S.
President Donald Trump predicting no real progress
.
At 12:01 Beijing time on Thursday, the United States will impose tariffs on $16 billion worth of Chinese goods, and China will also take reciprocal retaliatory tariff measures
.
The minutes of the Fed's August meeting showed that the Fed is ready to raise interest rates
again as long as the US economy is on track.
Fed officials agree that trade policy and trade disputes are important sources of
economic risk.
Yesterday, Trump said that he had no hope for Sino-US talks, and intraday commodities fell
.
At night, the Fed released the minutes of the meeting, unchanged in its attitude towards interest rate hikes, but more cautious about the risk of trade disputes
.
Overnight, the dollar bottomed out and rebounded and fell slightly, rising slightly today, and the dollar in the future market has a high probability of fluctuating at a high level, and non-ferrous metals are under certain pressure
.
Industry news, BHP Billiton, the world's largest mining company, revealed on Tuesday that its ore processing at Olympic Dam, the world's fifth-largest copper mine and the world's largest uranium mine in South Australia, is being shackled
by an ongoing technical problem.
According to the Australian Broadcasting Corporation, the mechanical failure could disrupt production at the Olympic Dam copper smelter for up to eight weeks, although the exact timeline is unclear
.
After several days of oversold rebound, copper prices fell under pressure around 49,000 points, running within
the 5- and 10-day moving averages.
In fact, the short-term benefits are limited, and the acceleration of infrastructure construction will take the second half of the year to effectively release; At the same time, according to the US hearing, it was opposed on the first day of the hearing, and you can continue to pay attention to it in the future; The macro surface is still empty, and the copper price shock is weak
.