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The copper market traded
in a narrow range on Tuesday.
The dollar met support in the pullback, and expectations that the Fed will discuss tapering QE at its June meeting began to heat up
.
In the copper market, Chile's two major copper mines will seek strikes after government mediation fails, which has become market support
.
Technically, the LME resistance level is the 5-week MA at $
10,050.
Yesterday, the main force of Shanghai copper rose 0.
68% to 72230
.
The Fed's stance remains dovish, but easing liquidity will gradually reinforce market expectations
for rate hikes.
China's National Development and Reform Commission and other five departments interviewed raw material manufacturers and said that they would closely track the trend of commodity prices, which stimulated the market's expectations
for policy regulation.
South American copper mine production has not fully recovered, and the government may raise mining taxes; The accelerated issuance of special bonds in the second quarter will drive the rebound of infrastructure investment; At present, real estate is in a high boom cycle of completion, which has a greater impetus to the demand for copper; Spot market transactions are
acceptable.
Overall, the supply and demand side support is strong, but the macro is still the biggest fundamental at present, and the recent market evaluation stage of domestic policy strength recommends investors to continue to maintain a cautious attitude
.
