Copper prices fell sharply into a volatile pattern

On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, and although the dollar has been strong after this interest rate meeting, it is largely an overdraft
of future economic growth.

In terms of stocks, LME copper stocks were 168675 tons, an increase of 36,225 tons compared to last week; Copper stocks decreased by 8,440 tonnes to 172527 tonnes in the previous period; The Shanghai Free Trade Zone warehouse was 447,000 tons, an increase of 2,000 tons
.

In terms of fundamentals, the current TC price continues to rise, coupled with the domestic storage rumors landed, so the supply side has a more negative impact on copper prices, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, but due to the current market Fed dumping rumors interference and the impact of the possible tightening of central bank liquidity around the world, so overall, the current relatively neutral attitude
is maintained.

The Fed announced the results of the June interest rate meeting, although its hawkish view is not very hawkish, but because the Fed officials for the future economic outlook showed a larger-than-expected optimism, so the dollar index sharply strengthened, and copper such as relatively strong financial attributes are severely suppressed, coupled with last week's news about the reserve bank dumping also finally landed, also has a certain inhibitory effect on copper prices, so the current short-term operation is temporarily dominated by a wait-and-see attitude, and copper prices are expected to be 66,000 to 70 after that , 000 yuan / ton between maintaining a period of shock pattern
.