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On Tuesday, the Shanghai copper gap opened high, the main monthly 2210 contract opened at 63170 yuan / ton, the highest intraday 63560 yuan / ton, the lowest 62880 yuan / ton, settled 62280 yuan / ton, closed 63190 yuan / ton, up 910 yuan, or 1.
46%.
The trading volume of the main 2210 contract of Shanghai copper was 73290 lots, a decrease of 84736 lots, and the position volume of 159448 lots decreased by 2665 lots
.
During the Asian session, London copper fluctuated sharply, and the latest quotation at 15:01 Beijing time was 7997 US dollars / ton, down 7 US dollars, or 0.
09%.
In terms of the market, the domestic spot copper price rose and fell limited, Yangtze River spot 1# copper 63990 yuan / ton, up 20 yuan, premium 430-liter 470; The Yangtze River Comprehensive 1# copper price was reported at 63940 yuan / ton, down 40 yuan, and the premium was 340-460; Guangdong spot 1# copper price reported 63880 yuan / ton, down 100 yuan, premium 240-340; Shanghai spot 1# copper price was 63890 yuan / ton, up 40 yuan
.
In the spot market, the high level of spot premium has been lowered, the activity of traders has weakened significantly, the downstream sentiment has cooled down significantly, and the trading volume has fallen
sharply.
The Fed raised interest rates by 75 basis points, in line with market expectations, the US dollar index pulled back at a high level, superimposed on internal and external inventories are at a low level and domestic spot premiums are still at a high level, which has a supportive effect on copper prices, and Shanghai copper is strong during
the day.
At the macro level, the market intensified the game of the Fed's interest rate hike in early September, and the previous pricing of the Fed interest rate meeting interest rate hike of 75BP has been fully traded, and with the landing of the Eurozone interest rate hike of 75BP, the dollar high has loosened, thus easing the suppression of copper prices
.
However, from the perspective of the Fed's expected management of the market in the near future, it is still hawkish, and short-term copper prices are still in a weak macro pattern
.
On the whole, low fundamentals and low inventories combined with peak season demand speculation in early September are still the biggest support for copper prices, but in the medium term, the trend of gradual recovery on the supply side remains unchanged
.
At the macro level, US CPI data will be released this week, which may exacerbate the volatility
of copper prices.
Medium-term colored may occur in
a wide range of volatile cycles.
