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Overnight, the outer metal except for London copper was red across the board, and London copper was the only one to fall, closing down 0.
24%.
Stronger-than-expected economic data from China, the world's leading consumer of metals, are betting that this signals increased
demand.
The internal metal Shanghai copper closed slightly lower, with Shanghai copper down 0.
54%.
On the macro front, the Fed's June resolution statement took the most aggressive rate hike in nearly three decades, announcing a 75 basis point
rate hike.
This is in line with expectations previously reflected in
interest rate futures.
The overall reaction of the colored sector is limited, in addition to the interest rate statement and the press conference of Fed Chairman Powell also mentioned that every effort will be made to control inflation at the level of 2%, the future market still needs to focus on the control of inflation level and whether the impact on the economy will exceed the controllable range in the process of raising interest rates, and the future market uncertainty is still large
.
In terms of supply, the supply at the mine end is tight, and Chile and Peru, the main producers of copper mines, have been disrupted to varying degrees in the first few months of this year, and the output speed is not as expected
.
In terms of consumption, although the Shanghai area has been unblocked, the epidemic still has repeated situations, and in the first half of last week, copper prices strengthened relatively significantly, making downstream procurement cautious
.
In terms of terminals, the current performance of the electronics and power sectors may be relatively promising, but the performance of the real estate sector is still poor, and the landing of various subsequent support policies will be the focus
of the market.
In terms of stocks, LME stocks rose 0.
17 million tonnes to 121,500 tonnes
yesterday.
SHFE stocks rose by 10,200 mt to 19,500 mt, a relatively large
increase.
Overall, the current market has optimistic expectations for good demand, but the reality is still slightly weak
.
At the same time, on the macro side, inflation is still high under the Fed's hawkish tightening of money, which makes the market more worried about the future economic outlook, which is also relatively unfavorable for the demand outlook for copper, but on the other hand, the continued high inflation has a certain boost effect on commodities, so the macro factor is currently relatively complex
.
Operationally treated with relative caution for the time being
.
