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In the domestic metal, it continued to fall
across the board in early trading.
Shanghai copper continued to fall more than 3%.
In terms of external metals, only four varieties opened trading in early trading, with mixed results
.
London copper turned red and rose, slightly up 0.
29%.
On the macro front, Fed Chairman Jerome Powell reiterated at a House hearing that the commitment to fight inflation is unconditional
.
Powell also said that the Fed will not raise its inflation target; The Fed's reluctance to switch from raising interest rates to cutting rates when interest rate hikes sharply slow the economy but cannot quickly reduce inflation, and such unusually hawkish rhetoric also keeps commodities frustrated
.
On the supply side, there was no further news of South American mines last week, although Argentina announced a new progressive tax rate on copper exports, and on June 22, Chilean mining unions announced that Codelco workers would go on strike to protest the closure of the company's Ventanas refinery
.
TC prices continued to edge lower by $1.
36/mt to $73.
91/mt
.
But at present, with the macro easing extremely pessimistic, some positive news from the fundamentals has a very limited
impact.
In terms of consumption, at present, when prices are falling sharply, downstream procurement is cautious, superimposed on the consumption off-season, buying interest is poor, and more bearish future market
.
Traders also did not recognize the high premium of spot goods very much, tried to trade at a low price, and finally received not many
goods.
Although terminal sectors such as power and automobiles may perform relatively well in the equity market, real estate still makes the market more worried, and orders from end companies are not very satisfactory, so the overall consumption is still difficult to be optimistic
.
In terms of stocks, LME stocks fell 0.
10 million tonnes to 114,200 tonnes
yesterday.
SHFE stocks fell 0.
09 million tonnes to 17,200 tonnes
.
Overall, after the Fed raised interest rates by 75 basis points, the market's concerns about the future economic outlook further intensified, and the colored sector was also dragged down and showed lower, and the current demand outlook is difficult to say optimistic, so this operation is temporarily
based on a wait-and-see attitude.
