Shanghai copper's rise is limited and will remain high and volatile

During the Asian session, London copper fluctuated at a low level, and the latest quotation at 15:01 Beijing time was 9792 US dollars / ton, down 48 US dollars, or 0.
49%.

In terms of the market, today's domestic spot copper prices remained stable, 1# copper price was 71810 yuan / ton, down 30 yuan, premium 330-390; Guangdong spot 1# copper price was reported at 71450 yuan / ton, down 50 yuan; Yangtze River spot 1# copper 71850 yuan / ton, stable, premium 420-liter 440; Shanghai spot 1# copper price was 71850 yuan / ton, up 75 yuan
.

In the spot market, the source of circulating goods has decreased, holders are bullish and aggressive shipments, and downstream companies just need to replenish goods, the overall transaction performance is deadlocked, and the trading atmosphere is calm
.
The weakening of the US dollar index, the risk of strikes in South American mines, and the tightening of domestic scrap copper supply, although LME copper inventories continued to increase, and the destocking of domestic Shanghai copper warehouse receipts slowed down, limiting copper price
gains.

On the macro front, last night's Fed interest rate decision was announced, and Fed Chairman Jerome Powell said that the economy has made progress towards the target needed to reduce the size, but the economic outlook remains risky and there is still "some way to go"
before raising interest rates.
The Fed kept its benchmark interest rate unchanged, basically in line with market expectations
.
However, due to the fact that the market has already bet on the previous stage, the positive or has been cashed in advance, and the impact of this interest rate meeting on copper prices is limited, and it will remain high and volatile
.