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Copper prices opened low last week and broke down
.
As of 3 p.
m.
on Friday, the main 2207 contract of Shanghai copper was at 69,740 points, a weekly decline of 4.
01% or 2,910 yuan
.
On the macro front, the US Federal Reserve (FED/Fed) made a historic move to fight inflation last week, raising interest rates by 75 basis points and expecting a slowdown in the coming months, rising unemployment, and a steady hike expected for the rest of 2022
.
As macro bear logic drives the general decline of risk assets, the overall fluctuation range of copper prices has fallen, and the stage short sentiment is heavier
.
At the end of last week, copper prices returned to the lower edge of the nearly one-year volatile platform, having fallen below the 60-week moving average, technically entering a
downtrend.
Considering that copper's decline relative to other non-ferrous metals is relatively limited, the absolute position is still very high, and the possibility of making up for the decline is not ruled out, and bulls avoid and pay attention to the risk of
continuous decline.
In terms of fundamentals, upstream copper mine inventories fell slightly, but they are still at a high level, the supply of raw materials for smelters is basically sufficient, superimposed on the sharp rise in sulfuric acid prices, and the smelter production enthusiasm is high driven by high profits; However, domestic refineries have begun to enter a period of centralized maintenance, and production is expected to decline
slightly.
Copper prices have fallen sharply recently, and downstream market trading has heated up, but holders are pessimistic about the future market and have a strong willingness to ship; Copper market inventories have rebounded
sharply due to the recent increase in market arrivals.
And the performance of the terminal industry is still poor, the traditional demand off-season is coming, and copper prices are expected to fluctuate weakly
.
On the whole, macro bearish dominance, capital markets generally declined, and the overall fluctuation range of copper moved down a step
.
At present, the supply and demand are weak, and the spot is fully strong in the premium structure, but affected by weak demand and short expectations, the price continues to fall and break, short-term or other short sentiment is released, bulls avoid not chasing short, and rebound to find short positions
again.
