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Copper market morning comment: copper prices fell back in hindrance on Wednesday, and market trading fell, but the amount of positions did not decline, and long and short began to glue
.
The Fed meeting was the focus of contention between the two sides, leaving interest rates unchanged overnight, mentioning that the economy needed more progress and expressing concern about the pandemic, which was generally slightly dovish
.
Copper prices barely remained at 300 yuan on Wednesday, as the difference between internal and external spot narrowed, coupled with the depreciation of the yuan, and the import profit window closed
.
Technically, the market is slightly balanced after the copper price returns, and it is appropriate
to wait and see in the short term.
On the macro front, last night's Fed interest rate decision was announced, and Fed Chairman Jerome Powell said that the economy has made progress towards the target needed to reduce the size, but the economic outlook remains risky and there is still "some way to go"
before raising interest rates.
The Fed left its benchmark interest rate unchanged and the market's dovish expectations fulfilled
.
In terms of copper, the last two trading days of July, coinciding with the second round of reserve auction of the State Reserve, downstream have participated in it, resulting in spot smell and active transactions, but holders still maintain a strong price sentiment, flat water copper quotations even do not fall but rise, indicating that the overall inventory of the market is still low, and the source of goods below 250 yuan / ton is still attractive
to the market.
