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Copper prices reversed in depth last week, and as of Friday afternoon, the main force of Shanghai copper 2201 was reported at 69370 points, down 0.
23% or 160 yuan
for the week.
Affected by the news of the Federal Reserve during the week, Shanghai copper rebounded one after another after testing the 68,000 support level during the week, returning to the
69,000 shock range.
The Fed's interest rate decision landed, and the interest rate hike the following year became a foregone conclusion, driving the US index to rise to suppress non-ferrous metal prices, and then the impact of the news dissipated, and Shanghai copper may return to fundamental guidance
.
In terms of macro, the Omicron new crown appeared for the first time in China, and the rapid spread in Zhejiang and other places suppressed market risk appetite; The central bank super week is coming, the United Kingdom unexpectedly raised interest rates, the US inflation data is high, the market has increased bets on interest rate hikes, copper prices weakened in advance, and after Thursday's bearish cashing, the disk rebounded restoratively, and basically recovered its previous losses as of Friday
.
In the market, spot copper fell slightly by 310 yuan last week, and good copper premium rose by 40 yuan to around
170 yuan from last Friday.
Buying continued to be light overall, and after the market rebounded on Thursday and Friday, it attracted an increase in bargain stocks, and the premium rose simultaneously, approaching the end of the year, and the transaction atmosphere was not good
.
In terms of import profit and loss, the volatility of the foreign exchange market narrowed last week, the US dollar index rushed back down, and the import profit window continued to open slightly, now remaining within
50 yuan / ton.
At present, copper supply tight concerns continue to bring support, global copper overt inventory is low, the world's ninth largest copper mine Las Bambas will officially stop operating in the near future, but the domestic downstream demand slows down near the end of the year, or to a certain extent, the trend momentum
will be affected.
At present, the fundamentals of global inventories are low, but the domestic downstream consumption is weak near the end of the year; Macro Global monetary policy continues to tighten, and copper prices do not have trend strength momentum in the near future
.
The technical night market still has room to continue to rise, the pressure level around Shanghai copper 70,000 is strong, and the probability of the market rushing back down is large
.
It is expected that Shanghai copper will still maintain a range-bound pattern next week a few years ago, or there will be a trend
of rising first and then falling.
