May 21 copper market morning review

Overnight, Lun copper rushed back down to close in the small negative, and basically opened flat at $10,002 today
.
Shanghai copper fell in daily trading, opened high and low in overnight trading, and closed in the shade, closing below the 20-day moving average at 73030
.
Shanghai copper trading is stable, positions are rising, and market sentiment is biased towards
neutrality.
The Fed news hit market confidence hard, short-term copper prices may continue to fluctuate and adjust, volatility is large, pay attention to positions
.
Shanghai copper upper pressure 75000, lower support 71000
.

On the macro front, after the release of the minutes of the Fed meeting in April, the market was stimulated to discuss tightening monetary policy, and the dollar index rose in the short term; At present, domestic real estate is in a high boom cycle of completion; South American copper mine production has not fully recovered, and the government may raise mining taxes; The accelerated issuance of special bonds in the second quarter will drive the rebound of infrastructure investment; 1# Electrolytic copper settlement price of 72525 yuan / ton, spot market transaction is acceptable
.

Overall, copper fundamentals are not bad, but the Fed's monetary policy is still the most important factor leading the copper market, the current market sentiment is affected by interest rate hike expectations and regulatory pressure and other bearish factors, copper prices may show a weak trend in the short term
.