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On Friday, Shanghai copper ran weakly, and the market continued to warm up during the day, and the price continued to rise in the late afternoon, closing slightly up 0.
39%.
The dumping of reserves caused a definite bearish impact on the copper market, but the rest of the metals rose violently and the overall bullish atmosphere of industrial products was strong, and copper prices did not fall
.
On the macro front, the CPI data released by the US side once again exceeded expectations significantly, with the CPI recording 5%
in May.
This will undoubtedly further intensify the market's concerns about the Fed's tapering of bond purchases, in addition to yesterday's rumors about the dumping of reserves, so that most varieties of non-ferrous metals have fallen in a short period of time, the market needs to focus on whether the news of the dumping can be confirmed and the results of the Fed's interest rate meeting, copper prices are still expected to remain volatile
.
In terms of fundamentals, the CSPT team failed to finalize the floor price of copper concentrate processing fees in the second quarter of 2021, indicating that the market may have certain differences in the future supply of copper concentrate, but it is still difficult to say that it is generous, and on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, and the next peak season destocking is likely to form a strong support for copper prices, temporarily maintaining the long-term bullish judgment of copper prices, but if the destocking in the second quarter is not as expected, The rise in copper prices may be weaker
than previously expected.
