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Copper market early comment: overnight Shanghai copper 2209 contract fluctuated downward, and finally closed at 61170 yuan / ton; The trend of the international copper 2210 contract also fell, and finally closed at 54270 yuan / ton
.
Overnight, copper bottomed out, and Shanghai copper and international copper followed higher
.
On the macro front, U.
S.
stocks rebounded but retail huddle stocks tumbled, with the dollar hitting a one-month high, and European gas and electricity prices hitting record highs; Fed July meeting minutes: Continued rate hikes are needed, but there is a risk of excessive action and may be appropriate to slow rate
hikes at some point in the future.
The Central Meteorological Observatory issued the first drought warning this year: nine provinces, including Chongqing and Sichuan, experienced moderate or above meteorological drought, and local drought; Fed officials continued to pour cold water on the pivot, with hawk Bullard supporting another 75bp rate hike in September and dovish Daly saying a 75bp hike would do.
In terms of supply and demand, the market focuses on power rationing, Sichuan power rationing has limited impact on copper, from the Yangtze River Delta region, power rationing has a greater impact on supply, market supply and demand are still tight, spot premiums continue to rise
.
Copper prices fell in a narrow range yesterday, but the night session followed higher driven by the rise of London copper, and the overall continued to fluctuate at a high level, facing the 60-day moving average pressure above, and the pressure to continue to rise is also increasing
.
