Copper prices may adjust with the weakness of the external market after the holiday

During the Asian session, London copper ran high, and the latest quotation at 15:01 Beijing time was 9675 US dollars / ton, up 165 US dollars, or 1.
74%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River spot 1# copper 73850 yuan / ton, down 270 yuan, premium 380-liter 420; Yangtze River nonferrous metal net 1# copper price reported 73810 yuan / ton, down 210 yuan, premium 330-390; Guangdong spot 1# copper price was reported at 73500 yuan / ton, down 260 yuan, premium 70-130; Shanghai spot 1# copper price was 73780 yuan / ton, down 180 yuan
.

In the spot market, merchants adjust prices and shipments, receivers purchase at low prices, and the overall transaction is limited
.
The Fed's interest rate hike came as scheduled, in line with market expectations, and the hawkish spirit was insufficient, and the market risk sentiment rebounded, but the country is still in a weak reality and strong expectation pattern, under the strict prevention and control of the epidemic, the pace of downstream resumption of work and production is slow, consumption is still weak, and copper prices are weak
in the short term.

Looking forward to the future market, the macro monetary tightening progress in the second quarter, the situation in Russia and Ukraine, and inflation expectations jointly affect copper prices, and the fundamental point of view is that the domestic policy is loose and the peak season consumption has strong support for copper prices, but it is necessary to wait for the actual consumption to cash out after the impact of the epidemic basically
dissipates.
Short-term attention to the risk release of the Fed's May interest rate meeting, copper prices may be adjusted with the weak operation of the external market after the holiday, but it is difficult to trend down, and after the release of macro risks, it will still return to the fundamental high shock operation, and the post-holiday operating range is expected to be 70000-74500 yuan / ton
.