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Today's Shanghai copper main force opened low and then oscillated to the downside
.
At the end of the day, the main 2207 contract of Shanghai copper closed at 70670, down 720, or 1.
01%.
This week was mainly influenced by sentiment, and the market focused on the Fed's interest rate decision
on Thursday evening.
As the US May CPI data led to the risk of a 50 basis point rate hike that was basically priced in by the market in the previous period, there was a sudden risk of rising to 75 or even 100 basis points, and copper prices were repriced and fell back below
71,000.
Regarding tonight's Fed interest rate decision, if we see a 75 basis point rate hike and a hawkish tone as expected, the dollar index may continue to rise, and copper prices risk
further decline.
Once expectations are disappointed "only" 50 basis points of interest rate hike, the short-term will weigh on the dollar and boost financial market confidence, and copper prices may rebound to last week's platform position
.
In the medium and long term, there is still a clear path of aggressive tightening in the future, and the economic growth rate is very likely to slow, and the bearish view of copper prices remains unchanged
.
Operationally, it is recommended to hold the coin for the time being and wait for the market to become clear
.
