June 16 Copper Market Afternoon Review

Copper market afternoon comment: overnight London copper rushed back to close Xiaoyang, today opened nearly 1% higher at $
9292.
Shanghai copper opened slightly higher in overnight trading, falling to close in the dark, closing at 70630
.
Shanghai copper trading positions fell slightly, and market sentiment was biased towards wait-and-see
.

The People's Bank of China continued to make an equivalent amount of 200 billion yuan, and the MLF operating interest rate was "standing still"
for five consecutive months.
The Fed approved a 75 basis point rate hike by a 10-1 vote, while the market expects a probability of a further 75 basis point hike in July to exceed 90
percent.
But then Fed Powell made dovish statements, saying that the next meeting is most likely to raise rates by 50 basis points or 75 basis points, and that a 75 basis point hike is not expected to become the
norm.
The US dollar fell below 105 overnight, the yuan rose sharply, non-ferrous metals opened low and high in the night session, and the outside opened
high today.

Domestic demand is basically stable, and there are uncertainties
in global copper supply.
However, in the macro aspect, the Fed has greater pressure to raise interest rates, and short-term copper prices have over-the-top rebound demand, but the medium-term upside is insufficient and may return to the range-bound market
.
Shanghai copper upper pressure 73000, lower support 70000
.
Today's international copper rose to 259 points compared with Shanghai copper, and under the pressure of the Fed's interest rate hike, the external trend continued to be weaker than the internal market
.