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Copper market morning comment: Wednesday Shanghai copper morning weak shock, afternoon bottoming up, the main month 2211 contract opened at 62510 yuan / ton, the highest intraday 62820 yuan / ton, the lowest 62020 yuan / ton, settlement 62300 yuan / ton, close 62720 yuan / ton, up 420 yuan, or 0.
67%.
In the spot market, the holders are active in shipments, and the receivers are afraid of high demand to enter the market for procurement, and the overall transaction volume is limited
.
Overseas bearish pressure continued to suppress domestic metal trends, but domestic financial data in September greatly exceeded expectations, coupled with the obvious rebound of A-share market during the day, the market atmosphere warmed up in the late afternoon, and Shanghai copper was slightly higher
.
On the macro front, the Fed minutes showed a hawkish statement, the US PPI data also remained high, inflation is expected to remain high in September, and the pace of US tightening will not slow down, putting pressure
on copper prices.
Overall, macro in the news vacuum period, supply and demand continue to dominate the market trend, the tight pattern continues to support copper prices, but it is expected that under the future macro pressure, the upper space is limited
.
