Chaos Tiancheng Futures: Macroeconomic risks remain the main factor driving current copper price fluctuations

Copper prices are experiencing short-term volatility due to macroeconomic influences. The rise in macro risks, combined with weak actual supply and demand from upstream and downstream sectors, has caused copper price trends to align more closely with equity markets and precious metals. Yesterday, along with the major market corrections in gold, stocks, and cryptocurrencies, copper prices also saw a significant decline. Currently, there are still many influencing factors, with macro risks remaining the dominant factor. The long-term narrative is the key factor for copper prices in the long run, but at this stage, market sentiment guides trading, with high concentration. It is very important to remain cautious of high volatility. In a high-volatility environment, downstream supply and demand should not be overlooked. (Hunton Tiancheng Futures)