Shanghai copper weak bottoming operation pay attention to the support around 68,000

On the macro front, Federal Reserve Chairman Jerome Powell and U.
S.
Treasury Secretary Janet Yellen attended the Senate Banking Committee hearing
.
Powell said that the current resurgence of the epidemic has slowed down the recovery, and the United States has almost met the taper condition, but it is far
from raising interest rates.
Yellen said Congress must quickly resolve the debt ceiling issue to avoid a U.
S.
default
.
According to the latest market news, US Senate Republicans rejected the vote proposed by Democrats to suspend the debt ceiling, but US Senate Majority Leader Schumer also said that he will seek to vote on the debt ceiling bill on Tuesday, which may not need a Republican vote to pass
.
Domestically, State Grid said that it will make every effort to guard the bottom line of electricity consumption for people's livelihood and strictly control electricity consumption in industries with high energy consumption and high pollution
.

From a fundamental point of view, the impact of limited electricity and energy consumption dual control, the impact of the national electrolytic copper production in September is about 1.
5-18,000 tons, which is about 2% compared with the previous market forecast for September output
.
On the consumption side, under the influence of power cuts, the downstream has reduced production during the National Day holiday to cooperate with national policies, plus the fourth dumping of reserves after the return of the National Day, the downstream has stopped purchasing plans, and Shanghai copper and South China copper have decreased significantly
.

In terms of inventory, yesterday's LME accumulated warehouses, and the cancellation of warehouse receipts increased by 1.
5%, the largest increase since July 2020, and SHFE continued to destock.

In terms of imports, imports are concentrated in arrival, but the overall trading sentiment is relatively cautious
.
Overall, the US debt ceiling issue is unresolved, and weak domestic consumption is dragging down the premium
.
The judgment
that a wide range of volatility is maintained unilaterally and there is a downside risk.

During the day, Shanghai copper bottoming out was mainly stable, approaching the eleventh long holiday spot trading willingness decreased, technically Shanghai copper affected by the US index breakthrough possibility decreased, transformed into a range shock weak bottoming pattern
.
The weakness of macro and the weakness of fundamental consumption crossed again, and it is expected that the intraday pressure of Shanghai copper is large, still dominated by the range pattern, and the night market may continue to probe the bottom, paying attention to the support around
68,000.
Operationally approaching the long holiday, mainly the use of inventory during the holiday, traders recommend reducing inventory and waiting
.