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 upstream and downstream supply and demand, 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, many factors are still at play, with macro risks remaining the dominant influence. The long-term narrative is the key factor for copper prices over the long run, but at this stage, market sentiment is guiding trading, with high concentration and a need for caution against high volatility. In a high-volatility environment, downstream supply and demand should not be overlooked. (Hunton Futures)