Shanghai copper is weak to run, and the market trading atmosphere is becoming more and more cold

During the Asian session, London copper fluctuated at a low level, and the latest quotation at 15:01 Beijing time was 9350 US dollars / ton, down 44 US dollars, or 0.
46%.

In terms of the market, today's domestic spot copper prices remained stable, 1# copper price was 68330 yuan / ton, up 20 yuan, premium 90-liter 150; Guangdong spot 1# copper price reported 68090 yuan / ton, up 40 yuan; Yangtze River spot 1# copper 68370 yuan / ton, up 30 yuan, premium 120-liter 140; Shanghai spot 1# copper price was 68145 yuan / ton, down 155 yuan
.

In the spot market, downstream demand is weak, traders are less active, and the trading atmosphere is becoming more cold
.
Downstream consumption is still poor, and the off-season is coming, refinery processing fees have rebounded, but the recovery of copper concentrate supply is slow, and short-term copper prices will continue to fluctuate and
sort out.

On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, and although the dollar has been strong after this interest rate meeting, it is largely an overdraft
of future economic growth.

In terms of fundamentals, the current TC price continues to rise, coupled with the domestic storage rumors landed, so the supply side has a more negative impact on copper prices, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, but due to the current market Fed dumping rumors interference and the impact of the possible tightening of central bank liquidity around the world, so overall, the current relatively neutral attitude
is maintained.