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Copper market afternoon comment: the dollar rose to a 20-year high, and London copper closed down 0.
84% overnight; Macro bearish sentiment strengthened, London copper inventories increased more than expected, and the demand for gold nine was difficult to say when it came to an end, and copper was expected to fall
.
Total existing home sales in the United States recorded an annualized 4.
8 million in August, the lowest since May 2020, and expected 4.
7 million units compared to 4.
81 million in the previous month
.
Overnight, the Fed announced a 75 basis point rate hike, in line with expectations
.
But then officials mentioned in their speeches that a more aggressive pace
of interest rate hikes is still needed.
Therefore, the probability of another 75 basis point rate hike in November rose to close to 70%, and the market fluctuated
sharply overnight.
The dollar rose sharply, the yuan and the euro fell sharply, and non-ferrous metals rushed back down and most fell
.
Overnight, Lun copper rushed back down and turned lower to close in the shade, opening as low as $
7601 today.
Shanghai copper opened sharply lower in the night, oscillating to close the doji, closing at 62270
.
Shanghai copper trading positions continued to decline, and market sentiment was cautious
.
The short-term market is weakly affected by the hawkish speech of the Federal Reserve, and the medium-term macro and supply and demand fundamentals are expected to improve, and copper prices may rebound
moderately after short-term shocks.
Shanghai copper upper pressure 65000, lower support 60500
.
Today's international copper premium slightly rose to 625 points compared with Shanghai copper, and the external trend was stronger than the internal market
.
