September 24 copper market morning review

Yesterday, after the gap of the main 11 contract of Shanghai copper opened low and fell below the integer mark of 69,000 yuan / ton, the center of gravity continued to move down, and after bottoming out at 68,360 yuan / ton, the center of gravity recovered slightly to 68,500 yuan / ton
.
At the beginning of the afternoon, the market rose slightly and touched the daily moving average below the 68720 yuan / ton position, and then quickly fell back to the narrow range of 68420 / ton under pressure, and finally closed at 68500 yuan / ton
.

From a fundamental point of view, Zhejiang, Jiangsu, Anhui, Guangdong and other places have recently introduced energy consumption control measures, and various places have successively entered a state
of control such as power rationing and production restrictions.
Under this influence, the demand for copper downstream processing companies has been suppressed
.
Domestic power curtailment inhibits downstream demand for copper, and the consumption pressure is obvious, but the weakening of the US dollar coupled with the rise of crude oil has formed a certain supporting effect on copper prices, and the current unilateral fluctuation is maintained in a wide range and there is a judgment of downside risks
.

The Fed's interest rate decision in September came to an end, with Powell Chairman Jerome Powell saying the Fed could begin tapering asset purchases as early as November and complete the process
by mid-2022.
At a news conference, Powell said that tapering "could happen as soon as the next meeting.
"
This refers to the policy meeting
on 2-3 November.
But he said he could wait a little longer
if necessary.
The results of such a meeting generally raised the market's judgment of the pressure level in the fourth quarter, and the volatile market continued
.
Strategically, it is recommended to operate
in the range between 66,000 yuan and 72,000 yuan per ton.