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Today's Shanghai copper bottomed out and rebounded, showing a range-bound trend, and the main 2112 contract of Shanghai copper closed at 70420, up 240, or 0.
34%.
On the macro front, the CPI report released by the United States on Wednesday showed that consumer prices rose at the fastest
pace since 1990 in October.
Importantly, landlord-equivalent rents continue to rise, indicating that the Fed is facing sticky inflation
.
This may somewhat negate the previous Fed Chairman Powell's emphasis on inflation transitory, and Senator Manchin also said that the threat of record inflation is not "temporary" and that the "economic damage"
caused by inflation cannot be ignored.
Higher inflation expectations may be relatively beneficial for copper varieties with relatively
strong financial attributes.
Domestically, due to the recent large-scale cold wave weather, rainfall or snowfall occurred in many parts of the country, and coal production and transportation were affected
to varying degrees.
But the National Development and Reform Commission (NDRC) recently stepped in again, demonstrating a firm stance
on regulation.
The National Development and Reform Commission recently instructed Shanxi Province to issue a price limit order for the second time in nearly half a month, and the pit mouth price of 5,500 kcal in Shanxi state-owned coal mines has been cut, and China Coal Group has comprehensively reduced the price of
thermal coal at the port and pit entrance.
Overnight, the US CPI data in October hit a new high in nearly 30 years, inflation pressure drove the market to advance expectations of interest rate hikes, the rise of the US index suppressed the decline in non-ferrous metal prices, Shanghai copper stabilized slightly during the day, and the momentum of the rebound near the close weakened to maintain a range-bound market
.
At present, Shanghai copper is in the traditional consumption off-season, overseas copper inventory new low corresponding to the decrease in consumer demand, supply and demand are weak is difficult to form a trend market, it is expected that Shanghai copper will maintain a high level of volatility in the near future, and there may be a weak follow-up
.
In operation, the merchant can properly dump the goods, and the downstream stock is temporarily waited to maintain the range of market high selling and low suction operation
.
