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Copper market morning comment: Copper prices fell on Tuesday, the Federal Reserve's two-day FOMC monetary policy meeting opened, market concerns rose, copper prices lower, closing at $7724 / ton
.
On the macro front, it plunged more than 10%, with Russian stocks posting their biggest intraday decline since the Russia-Ukraine conflict
.
ECB President Christine Lagarde: Further rate hikes are expected, and there will be further hikes in future policy meetings
.
U.
S.
housing starts unexpectedly increased in August, up more than 10%
month-on-month.
Copper prices are under pressure
as fears of a sharp interest rate hike are heating up in the run-up to the Fed's interest rate decision.
In terms of supply and demand, spot premiums have fallen in recent days, mainly due to the delay of imported copper entering customs due to typhoons in the early stage, and there is a concentrated entry into the market, superimposed on the approach of the end of the month and the end of the quarter, the demand for funds has increased, and the holders have exchanged cash
at a high price.
Considering the sharp decline in inventory in the bonded zone, as well as the large import loss, the import inflow is difficult to sustain, coupled with the supply side recovery time exceeding expectations and the downstream expectation of the peak season for gold nine silver ten further increased, the domestic spot tension will not be significantly eased, and there is still support
below copper prices.
