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Copper prices fell back yesterday night, with London copper closing at $9,692, down 1.
05%.
The Federal Reserve released the December minutes, the interest rate hike was ahead of schedule and the balance sheet reduction is expected to accelerate, the hawks stimulated the sharp rise in U.
S.
bonds, the macro bearish copper prices, the short-term is expected to continue to fall, intraday support 9600
.
On the macro front, the number of ADP jobs in the United States increased by 807,000 in December, significantly exceeding expectations, increasing investors' confidence
that the Federal Reserve will withdraw its easing and interest rate hikes this year.
According to the minutes of the Fed meeting released yesterday, almost all officials at the December meeting believe that it may be appropriate to start reducing the balance sheet sometime after the first rate hike, and some officials expect the current balance sheet reduction cycle to be faster than the previous one, and the release of the minutes will push the dollar to rebound and US Treasury yields to accelerate upward
.
In terms of spot, the downstream has not been affected by the overnight rise of the market, the activity is still limited, and the willingness of the holders to raise prices is clear
.
The supply of flat water copper is limited, and the overall price adjustment to 160 yuan / ton under the leadership of traders is difficult for the market to reduce the price, and even heard that the source of 170 yuan / ton of premium is outflow, which is enough to see the clear willingness to raise the quotation
.
The supply of good copper is relatively abundant, the holder is for shipment, the quotation is almost difficult to see the price difference compared with flat water copper, and the intention of raising the price is strong
.
From a fundamental point of view, consumption picked up slightly when the Shanghai copper market gradually returned, and under the market inventory is still low, the overall supply is still tight, the price discourse power is controlled by the holders, the price sentiment of the holders is heating up, and the Shanghai copper price discount is rising; Guangdong electro-copper inventories fell slightly, the supply was tight, there were few shipments, and the South China copper rose sharply
.
Overall, the Fed's hawkish voice and the rise in U.
S.
Treasury yields suppressed copper prices, but copper prices maintained a bargain-hunting attitude
as crude oil prices continued to rise to push up inflation expectations.
