Domestic copper prices performed strongly, and Shanghai copper turned slightly red

On the macro front, the Fed raised interest rates by 75 basis points as scheduled, and passed a hawkish attitude, the dollar index strengthened sharply, and non-ferrous metals came under pressure, but then the market quickly recovered lost ground and support appeared below
.
Overnight, a number of overseas central banks followed the interest rate hike, and the market reaction was relatively flat
.
After the Fed raised interest rates sharply by 75BP, domestic copper prices performed strongly, and prices recovered after a slight decline
.
This is also in line with the previous judgment
that copper prices have basically reflected most of the macro bearishness.
In the future, with the landing of the largest macro bearishness, the suppression of copper prices will continue to decline
marginally.

In terms of inventory, Shanghai copper warehouse receipt inventory rebounded sharply last week and continued to show a state of dematerialization this week, but LME copper stocks continued to rise sharply, the latest inventory has risen above 120,000 tons, a nearly one-month high, registered warehouse receipts increased simultaneously, and the proportion of cancellations continued to decline
.
LME copper stocks continue to increase, weighing on
short-term prices.
However, domestic enterprises will replenish their stocks before the holiday, and it is expected that social inventories will fall again, which will form a bottom support
for prices.

In terms of the market, Shanghai metal network 1# electrolytic copper quotation of 62900-63150 yuan / ton, the average price of 63025 yuan / ton, down 95 yuan / ton from the previous trading day, the Shanghai copper 2210 contract reported up 530 liters 620 yuan / ton
.
Today's spot market traded averagely, with premiums up 45 yuan/ton
from yesterday.
Today's market circulation is limited, the premium is slightly higher than yesterday, the flat water copper rose 530 yuan during the active period, the good copper rose 590 yuan and the transaction was acceptable, and the wet process and poor copper reported less
.

Overall, the current Fed's interest rate hike has landed, and the bearish impact may be gradually digested
.
Fundamentally, the probability of supply and demand recovering together is relatively large, but because the current market is currently paying more attention to the situation on the demand side, the impact of consumption in the peak season of gold, silver and ten, and the recent performance of sectors such as power and automobiles is relatively beautiful, so the demand outlook may be more optimistic, so the operation is still mainly based on bargain hunting
.
At the same time, due to the continued strong trend of the US dollar, it may make the pressure on the external copper price more obvious
.