The market is strong in risk aversion, and the trend of copper is weak

On the macro front, the Fed raised interest rates by 75 basis points in the early hours of yesterday morning, the determination to fear inflation is strong, the market is very worried about the economic outlook, and the market is strongly risk-aversion
.

In terms of spot, the spot market transaction began to decrease on Friday, after the copper price fell below the 70,000 position, the downstream worry copper price continued to fall, the wait-and-see mood was strong, plus a lot of inventory has been replenished in the previous days, the purchasing sentiment is relatively weak, the spot market transaction on Friday is not good, the supply side is also more adequate than before, after the end of the epidemic in Shanghai, logistics and customs clearance efficiency has improved, imported copper customs declaration volume increased, LME Asian warehouse decline copper has a trend to flow to the country, the recent copper import profit window opened, imported copper increased, After the resumption of production, shipments were stable, and even if the market fell sharply, the spot premium remained at about
280 yuan / ton.

Overall, affected by high inflation, the Fed raised interest rates by 75 basis points this week, in line with market expectations, but at the same time caused recession concerns, from this week's jobless claims lower than the previous value, tightening monetary policy on demand suppression will gradually become obvious, curbing inflation and "economic hard landing" may be synchronized, financial markets are generally under pressure, safe-haven dollar stands at the 105 mark, hitting a new high
in nearly two decades.
In view of the sustained impact of macro bearishness, the bearish outlook is maintained in the third quarter, and the main medium-term support level of Shanghai copper needs to pay attention to the 68,000 mark
.