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Copper market morning comment: overnight copper price rebound met resistance and retreated, the market performance was cautious before the Fed meeting, and U.
S.
copper fell slightly after the Fed meeting
.
The Fed meeting hinted at a 75 basis point rate hike in November on the basis of a 75 basis point rate hike, which was generally more hawkish
than expected.
In terms of spot, Shanghai premium slipped to 580 yuan, imported copper concentrated arrival, high premium curbed November stocking expectations, traders were cautious
.
Technically, copper prices are in consolidation, waiting for clarity
.
Spot TC has remained strong recently, the mine end has been disrupted this year, Chilean copper mine production has decreased significantly year-on-year, and Peruvian production returned to the downward
trend in July.
In terms of domestic smelting, due to the impact of the epidemic and power cuts in August, domestic refined copper production was lower than expected at the beginning of the month, and there was less maintenance in September and it was out of the impact of power cuts, and production is expected to increase significantly
.
In terms of demand, the domestic economy is stable and improving, but the real estate data is still weak, the marginal improvement of terminal consumption, and the release of replenishment demand before the holiday
.
Under the background of the peak season, the demand is not bad, but the large future-spot price difference causes the downstream demand to weaken after the holiday, and the trading activity of the spot market is not good
.
The dollar index remained strong, while copper prices remained subdued
.
Copper prices may still continue the main logic of being affected by macro, weak shocks
.
