Shanghai copper low opening volatility short-term downside risks

During the Asian session, London copper bottomed out and rebounded, and the latest quotation at 15:01 Beijing time was 7505 US dollars / ton, down 103 US dollars, or 1.
35%.

In terms of the market, today's domestic spot copper prices are mixed, Yangtze River spot 1# copper 58650 yuan / ton, up 20 yuan, premium 220-liter 260; The Yangtze River Comprehensive 1# copper price was reported at 58540 yuan / ton, up 10 yuan, and the premium was 70-190; Guangdong spot 1# copper price reported 58420 yuan / ton, down 10 yuan, discount 90-liter 110; Shanghai spot 1# copper price was 58550 yuan / ton, up 30 yuan
.

At present, the activity of the spot market is quiet, buyers and sellers continue to maintain a deadlock, the spot transaction difference is unsatisfactory, the market purchasing confidence is insufficient, and the overall demand for procurement
.
The Fed not only strengthens the interest rate hike by 75 basis points, but also downplays the risk of recession in the United States, but the risk of recession in Europe remains high, the US dollar continues to rise momentum, copper prices will face further downside risks, coupled with abundant domestic supply and weak demand in the off-season, the center of gravity of Shanghai copper continues to remain weak
.

Shanghai copper opened lower today, and the latest opening price of the Shanghai copper 2208 contract was 57600 yuan / ton, down 1130 yuan
.
Domestic copper concentrate port inventories rose again to 983,000 tons, up 15,000 tons from the previous week, still in a high position, and the supply of the mine end is still loose, the demand in the off-season is not good, downstream buyers and sellers still maintain a cautious trading sentiment, and there are large differences between the two sides, continuing to maintain a deadlock, and copper is expected to continue to fall
.
Today's reference operating range 55500-58600
.