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The Shanghai copper 2207 contract continued to fall sharply on Wednesday, unilaterally falling during the session, and finally closed at 67060 yuan / ton; The trend of the international copper 2208 contract also fell, and finally closed at 59140 yuan / ton
.
The decline of copper stabilized overnight, and Shanghai copper and international copper followed the bottom and rebounded
.
On the macro front, Powell hinted at the possibility of recession, U.
S.
stocks turned lower at the end of the day, oil prices fell more than 6% to lead the commodities, and U.
S.
bond yields fell deeply in double digits; Powell's hearing said it needed strong evidence of lower inflation to change the path of rate hikes, with the clearest acknowledgement to date that raising rates could lead to a recession
.
In terms of the market, the Shanghai electrolytic copper spot contract on Wednesday was reported at 180-240 yuan / ton of premium, with an average price of 210 yuan / ton, down 60 yuan / ton from the previous day, and the weakness of Shanghai copper hovered around 68,000 yuan, and the spot premium performance was vulnerable to decline
.
In terms of industry, the International Copper Research Group: There was a surplus of 3,000 tons of refined copper in the global refined copper market in April; The first phase of the Gansu Hailiang copper foil project with an annual output of 150,000 tons was successfully
trial-produced.
Domestic copper prices continued their decline, falling sharply, hitting a new low in more than a year in overnight trading, but have since rebounded
.
Previously, the Fed may continue to raise interest rates sharply under high inflation, triggering market concerns about tightening; At the same time, domestic downstream demand recovered less than expected after the epidemic improved, so copper prices fell sharply in the short term
.
After a series of sharp declines in copper prices, market prices have reached a wide range low for more than a year, and the momentum for further declines is expected to slow down
.
However, we believe that whether copper prices can bottom out still needs two conditions, first, the Fed's interest rate hike expectations slow down, and inflation expectations fall; The second is that domestic demand continues to improve and policy optimism is expected to pick up
.
Until then, copper prices will remain weak
.
