Chile ** and U.S. dollar weaken support genus

Sucden Financial issued the base metal daily report on July 26th that the base metals of the Shanghai Futures Exchange performed strongly. Copper rose by more than 1%, but the spot market was quieter as investors once again avoided high prices.

During the rest of the trading session on the 26th, the market was completely affected by two problems, namely the labor problem in the Escondida copper mine in Chile and the weak dollar. The dollar is currently at a long-term low against the Swiss franc and the yen, not to mention the euro.

Sucden Financial has already mentioned on the 25th that the US dollar was oversold, and this situation was even more evident on the evening of the 26th.

Although the media is full of rumours and counter-rumors about the progress of the debt ceiling negotiations, Sucden Financial believes that the United States will come up with a solution in the coming days.

It is not surprising that the market is completely affected by this issue, which triggered further safe-haven buying in the copper market, but it is very interesting that gold's performance is not good.

It is expected that the market situation on the 27th may not be eased, and will largely be equivalent to the 26th.