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Copper market morning comment: overnight LME copper weakened, the domestic close at $7380, then the price rebounded, the highest charge to $7461, the evening price fell back, and finally closed at the lowest $
7292.
Shanghai copper opened high at night, opened low at 61610 yuan, then rose in price, and finally closed at 61110 yuan
.
Copper prices retreated after a sharp rebound overnight, and the dollar index remained strong
.
Against the backdrop of the hawkish concentration of Fed officials, the downturn in the European and American economies, and the continued interest rate hikes, market panic has revived
.
The Chilean government recently launched a plan to increase investment by at least 5% by 2023, which includes a range of tax incentives
.
The new copper mine project will also be exempted from the ad valorem portion
of the new mining royalties for five years.
Copper mines controlled by large mining capital have a trend of gradually increasing production and further expanding new copper resources, and are very optimistic
about copper's position in the future energy transition.
After the end of power curtailment and maintenance in September, new production capacity is launched, and refined copper production is expected to be relaxed
.
The demand side has begun to recover, mainly because the high investment and project landing in the field of domestic power supply construction support the main consumption; Real estate completions are starting to improve, and we expect the decline in completions to slow gradually, but it is still a drag
on overall demand.
At present, copper is mainly dominated by the macro price trend, limited by liquidity tightening and recession expectations, and the trend of macro sentiment is difficult to say optimistic
.
