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Copper Market Morning Review: Metals were mixed yesterday, with Lunzig hitting a three-year high, recent positive U.
S.
economic data and a global supply-demand mismatch boosted commodity prices, high inflation risks and dovish expectations from the Federal Reserve weighed
on the dollar.
Today's LME metals market was mixed, with London copper down 0.
06%, international copper down 0.
33%, and Shanghai copper down 0.
42%
as of about 9:30 a.
m.
On the macro front, the US housing starts for April released last night were far from the previous reading and expectations, reflecting that the market economy is still showing a slow recovery trend, which has continued to cool market sentiment
.
In addition, oil prices fell at night, which also dragged copper down
.
Watch for guidance to markets today from Fed meetings
.
Affected by the Fed's dovish speech, the main force of Shanghai copper rose 1.
90% to 76100
yesterday.
Market expectations of inflation suppressed the recovery momentum of U.
S.
bonds, and non-ferrous metals continued to rise
.
Domestic real estate is in a high boom cycle of completion, and the growth rate of investment and real estate economic indicators in April is optimistic
.
South American copper mine production has not fully recovered, coupled with the uncertainty of the mining tax increase, the price to maintain the basis for the rise is still relatively strong
.
Overall, inflation expectations under global liquidity easing and the contradiction that supply recovery is not as good as demand recovery may continue to support copper prices
.
