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Copper market morning commentary: overnight, copper prices fell nearly 4%, copper market weakness is still affected
by the strength of the US dollar.
In anticipation of continued interest rate hikes by the Federal Reserve in the future, the market is worried that the economy will shrink
sharply.
At present, concentrate supply is generally performing well, spot processing fees are stable, and demand is flat.
The domestic term structure continues to reverse the structure
.
Copper prices may rebound technically in the short term, suppressed by a strong dollar in the medium term, and supported by new energy demand in the long term
.
It is recommended to pay attention to the domestic epidemic, spot demand, copper downstream starts, inventory and other conditions
.
At the macro level, the Fed weighs tightening, the relationship between inflation and growth becomes more difficult, if we aim for the upper limit of the federal funds rate, after the 75BP rate hike reaches 1.
55%, in July, September, November and December interest rate meetings to set the rate hike will be generally raised, 50BP or 75BP binary choice will become the norm, so in the third quarter and even the early fourth quarter, the asset price pressure brought by the tightening cycle is difficult to ease.
If the fact that the global economy is in recession is confirmed, weaker demand and expectations will continue to weigh on the prices
of metals such as copper.
Copper prices are running weakly, continuing to break the previous support, the price opened low and fell below 64000 in overnight trading, the Fed's interest rate hike expectations continue to strengthen, recession expectations accelerate, and the price performance is still weak
.
