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Today's Shanghai copper is weak and volatile, the main monthly 2212 contract opened at 63400 yuan / ton, the highest intraday 63630 yuan / ton, the lowest 63150 yuan / ton, the settlement 63570 yuan / ton, the close 63350 yuan / ton, down 220 yuan, down 0.
35%.
The trading volume of the main 2212 contract of Shanghai copper decreased by 22694 lots to 72791 contracts throughout the day, and the position volume of 190708 lots decreased by 649 lots
.
During the Asian session, the low of London copper fluctuated in a narrow range, and the latest quotation at 15:01 Beijing time was 7594 US dollars / ton, down 46 US dollars, or 0.
60%.
In the spot market, the downstream fear of heights appeared, the order increment was limited by high copper prices, the pace of consumption slowed down, and the overall buying interest of the market was weak
.
The Fed's hawk and dove statement made the market risk sentiment uncertain, superimposed on the persistence of tightening pressure, the outlook for metal demand is gloomy, and the trend of copper prices is under pressure, but the pattern of low inventory and high premium still strongly supports copper prices, so the intraday decline of Shanghai copper is limited
.
Today's domestic spot copper prices fell slightly, Yangtze River spot 1# copper 64780 yuan / ton, down 210 yuan, premium 240-liter 280; The Yangtze River Comprehensive 1# copper price was reported at 64740 yuan / ton, down 270 yuan, and the premium was 160-280; Guangdong spot 1# copper price was reported at 64700 yuan / ton, down 320 yuan, premium 80-280; Shanghai spot 1# copper price was 64700 yuan / ton, down 180 yuan
.
On the macro front, the Fed announced a 75 basis point rate hike in November at 2 a.
m.
Beijing time on Thursday, in line with
expectations.
The market expects that the Fed's subsequent interest rate hike will slow down, and the decline in domestic and foreign inventories will support copper prices, but the manufacturing and demand prospects are still worrying, and metal consumption will fall sharply in the future, putting pressure on prices, while still needing to pay attention to the trend of the domestic epidemic and the subsequent terminal power grid investment on the entire demand and the strength of national policy reform.
