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Copper prices fell sharply overnight, with the main 2207 contract closing at 69520 yuan / ton, down 1.
45%.
After the Fed's interest rate hike landed, U.
S.
stocks fell sharply overnight; The Fed's aggressive interest rate hikes under high inflation, and more central banks followed the Fed's hawkish interest rate hikes, triggering heightened market fears of a global recession, and the color general declined
.
On the macro front, after the Fed raised interest rates by 75bps, the market's concerns about the economic outlook began to gradually appear, and the three major stock indexes of US stocks fell collectively again, and the Nasdaq fell by more than 4%.
At the same time, the dollar index also showed a significant retreat, but concerns about the economic outlook also affected copper prices
.
Although the Shanghai area has been unblocked, the epidemic still has a repeated situation, 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 fell 0.
05 million tonnes to 121,000 tonnes
yesterday.
SHFE stocks rose 01,800 tonnes to 21,300 tonnes, 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
.
