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Copper market early comment: overnight copper prices opened low and high, the main 2207 contract closed at 67110 yuan / ton, up 0.
07
.
Overnight, Powell acknowledged at the hearing that a sharp rate hike could lead to a recession in the United States, saying that the Fed needs to see strong evidence of lower inflation in order to change the path of interest rate hikes; After the inflation data in the United States exceeded expectations in May and the Federal Reserve raised interest rates by 75BP, the market's fears of a global recession continued to ferment, crude oil fell sharply, and copper prices also fell
sharply.
Dragged down by weak real estate and seasonal off-season, copper consumption performance is weak, the recent decline in copper has not boosted downstream replenishment willingness, spot premium has also fallen, and market sentiment is pessimistic
.
Last week's copper stocks increased by 3,784 tons to 55,237 tons, Shandong's previously suspended refineries resumed production, and the import window for superimposed logistics resumption opened, and subsequent domestic copper inventories may continue to accumulate.
Overall under the pressure of high inflation Fed interest rate hikes and global economic downturn; And the pressure on copper supply in the second half of the year will also begin to be reflected, and copper prices are expected to continue the downward trend
.
