Copper prices are expected to continue the pattern of weak volatility

On November 21, the main contract of Shanghai copper futures opened at 65510 yuan / ton, and today's intraday high touched 65580 yuan / ton, and the lowest test was 64800 yuan / ton; So far, the main force of Shanghai copper has fallen by around
1.
6%.

In the external market, as of now, LME copper opened at $8041.
50 / ton today, the highest price was $8042.
00 / ton, the lowest price was $7970.
00 / ton, and the provisional price was $7970.
00 / ton
.

On the macro front, Fed officials once again hawkish statement that the target interest rate will be higher than the current market expectations, the inversion of the US two bonds and ten bonds further expanded, the pessimism of funds has not been reversed, the current market began to expect the Fed to slow down the interest rate hike leading to the market rebound, can not directly indicate the bottom of the commodity market, as the dollar index fell to a key position, should not be overly optimistic
in the short term.
The optimism brought about by the relaxation of China's epidemic prevention policies has basically been digested
.

At the micro level, although there have been various strikes in South America and mining contracts are about to expire, the continuous release of copper ore to refined copper has not changed
.
TC edged up last week, holding above
$90.
From the perspective of demand, demand is weak after the rise in copper prices, although copper prices pulled back last week, the downstream point price enthusiasm is general, and the operating rate of fine copper rods has fallen slightly
.
The spread continued over the weekend, or suppressed copper demand
.
Operationally, short-term copper prices are expected to continue last week's weak volatility
.