June 18 Shanghai copper brief commentary

On the macro front, the Fed announced its latest interest rate decision, announcing that it kept the benchmark interest rate unchanged in the range of 0%-0.
25%, in line with expectations
.
The Fed's dot plot shows that two rate
hikes will be achieved by the end of 2023.
At the same time, the Fed raised its economic forecasts for 2021 and sharply raised its inflation forecasts
for this year.
In terms of policy, the official announcement of the reserve has landed, but the specific time and amount have not yet been announced
.

Shanghai copper rebounded slightly during the day after stabilizing and continued to be weak, the dollar index continued to rise to suppress non-ferrous metal prices, U.
S.
Treasury Secretary Yellen remained optimistic about the inflation level, with the strong rebound of the U.
S.
economy and monetary tightening expectations, copper prices still have price pressure
on liquidity.
Fundamentally, it is difficult to provide more upward momentum in the off-season of Shanghai copper consumption
.
It is expected that short-term Shanghai copper will maintain a weak bottom, pay attention to the effect of the main support around 67,000, and hold a bearish mentality in operation, the recent price is easy to fall and difficult to rise, it is not easy to stock up in large quantities, inventory can be appropriately reduced, wait-and-see
.
The downstream side is just needed, take it as you go, and shorten
the use cycle.