Copper prices rebounded powerlessly to return to the downtrend

Today's Shanghai copper weak shock, the main month 2208 contract opened at 59050 yuan / ton, the highest intraday 59780 yuan / ton, the lowest 57870 yuan / ton, settled 59690 yuan / ton, closed 58480 yuan / ton, down 1210 yuan, down 2.
03%.

The trading volume of the main 2208 contract of Shanghai copper decreased by 27840 lots 152066 lots, and the position volume of 146028 lots decreased by 381 lots
.

During the Asian session, the low of London copper fluctuated in a narrow range, and the latest quotation at 15:01 Beijing time was 7649 US dollars / ton, down 211 US dollars, or 2.
69%.

In terms of the market, today's domestic spot copper prices fell sharply, Yangtze River spot 1# copper 58630 yuan / ton, down 1280 yuan, 180-220 liters; The Yangtze River Comprehensive 1# copper price was reported at 58530 yuan / ton, down 1300 yuan, and the premium was 40-160; Guangdong spot 1# copper price reported 58430 yuan / ton, down 1310 yuan, discount 100-liter 100; Shanghai spot 1# copper price was 58520 yuan / ton, down 1300 yuan
.

In the spot market, under the influence of bearish sentiment, the enthusiasm for downstream procurement has decreased, the market demand has maintained a wait-and-see attitude, and the overall trading of the market has contracted
.
The strong dollar and the prospect of a Fed rate hike are still suppressing non-ferrous commodities, coupled with the arrival of the off-season for domestic consumption, slowing inventory dematerialization and increasing supply pressure, Shanghai copper continues to weaken
.

Macro, overseas, inflation is high, concentrated into the interest rate hike cycle, recession logic began to be traded by the market, staged leading copper price trends
.
Domestically, the impact of the epidemic in the first half of the year exceeded expectations, demand fell, stimulus policies continued to exert force, and there were expectations
of recovery in the follow-up.

Overall, copper prices returned to the decline today, and the copper rebound was unable to continue to weaken, with a decline of 2.
03%.

The US dollar remains strong and there is little suspense for the Fed to raise interest rates, rising recession expectations, and rising demand concerns will ferment the bearish atmosphere
.
And the domestic off-season is coming, home appliances and wire and cable orders are less than expected, the market is rebounded by the epidemic caused by insufficient consumer confidence, superimposed on the increase in supply pressure and the expected rise in accumulation, the trend of Shanghai copper weakens, pay attention to the operating range of 57500-59500
.