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Review: copper inventories soaring increase demand about copper prices hit

by:Deyuan      2020-12-23
Abstract: the dollar rise continuously drag on industrial metals, evening copper fell 1. 64% to a two-month low, Asian stocks soared increased market worries about China's weak demand, this spot copper or retreated.

today's copper price analysis and forecast:
a. International market
frequent recent fed officials hawkish rhetoric, the dollar rallied for five days, industrial metals prices under pressure, evening copper low open low go closed down $77 to $4629, was the lowest in more than two months, volume 22103, holdings of 335725 an increase of 2016 hands. Investors await yellen, chairman of the federal reserve conference in Jackson hole, Wyoming, wait-and-see sentiment strong, short-term market is expected to copper is still weak.

the London metal exchange on August 24, according to data released copper inventories increased 14625 mt to 254700 mt. Cancel the LME copper warehouse inventory than of 20. 67%.

2. Domestic market
Shanghai copper low open today, 1609 contracts opened the current month of 36540 yuan, down 230 yuan, the territory of Shanghai copper contract offer $1609 to $36190, down 580 yuan. Night Shanghai copper extended losses, contract fell during the month 1. 93%; Copper inventories have risen sharply 4 within three days. 40000 tons, the growth of close to 21%, and this part of the increased from South Korea and Singapore, China's copper exports surge and reflects the domestic demand, also increased the global copper market surplus situation. Short-term copper market weakness remains, now is the spot copper retreated.

hot financial information
1. The Dallas fed chairman Kaplan said yesterday, the fed is close to the point for raising interest rates, including in September, all fed meeting may have to raise interest rates. Three senior officials last week issued a similar hawkish rhetoric, in which the fed 3 people, the New York fed President William Dudley said rates are gradually close to point and raise interest rates in September.

2. On Wednesday, the U. S. energy information administration, according to data released last week, the EIA of crude oil inventory increase of 250. 10000 barrels a day, is expected to reduce 1 million barrels a day, in order to reduce 250 the previous week. 80000 barrels of oil. In addition, in Cushing crude oil inventories, gasoline inventories rose more than expected. As a result, oil prices fell quickly, at present the oil down 2. 8%.
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