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Today's Shanghai copper volatility rose, the rally accelerated further after midday, as of the end of the day closed the main Shanghai copper 2203 contract closed at 71890, up 530, or 0.
74%.
Biden played up geopolitical risks, market risk aversion fluctuated, and copper price volatility continued to be low
in overnight trading.
Risk asset prices are generally under pressure
due to both geopolitical tensions and the outlook for the Federal Reserve's accelerated monetary tightening.
Copper concentrate supply is temporarily abundant, but the resumption of road blockades by Peruvian communities at the Las Bambas copper mine is likely to reinforce expectations of tight global copper supply
.
On the news, the Fed has made comments about the unexpected nature of inflation, the pace of interest rate hikes is expected to accelerate, and the persistence of high inflation also supports copper prices to remain high in the medium term
.
Short-term macro impact, wait-and-see cautious sentiment is heavier, copper prices are expected to be high shock consolidation, intraday Shanghai copper main range reference 7.
1-71,500
.
