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Copper market morning comment: Copper prices first fell and then rose on Monday, the amplitude increased, and the market waited for next week's Fed interest rate meeting
.
Recently, Fed members made it clear that they would not raise interest rates by 100 basis points, and good employment and high inflation data made the market expect the Fed to continue to raise interest rates by 75 basis points this month, which is currently in a quiet period
.
Concentrate supply performed well overall, spot processing fees declined slightly and demand was flat
.
In the case of basic balance between supply and demand, macro factors become the dominant factors
affecting prices.
Copper prices are still generally affected by concerns that interest rate hikes in Europe and the United States may lead to a recession, with the rapid decline in prices in the early stage, the market is gradually digesting the bearish impact, the short-term may continue to rebound, the medium term may be wide volatility, and long-term is still supported
by new energy demand.
It is recommended to pay attention to the domestic epidemic, spot demand, copper downstream starts, inventory and other conditions
.