Inner metal fell in early trading, and Shanghai copper was under pressure and weakened

On the macro front, the US Senate voted 80-19 to confirm Powell's nomination
for a second term as chairman of the Federal Reserve.
Powell acknowledged that a soft landing could actually depend on factors beyond the Fed's control, but allowing high inflation would mean a deeper recession
.
He reiterated that it is reasonable
to raise rates by 50 basis points at each of the next 2 meetings.
The dollar index maintained a strong trend
under such conditions.

On the supply side, domestic copper mine TC fell slightly last week, but remained high overall, indicating that the mine supply may still be relatively wide, while Zijin's Kamoa copper mine in Congo has achieved commercial mass production since April, so overall TC prices may remain relatively high
.
On the demand side, due to the impact of the current epidemic, the overall performance of demand is difficult to be optimistic, and the future market needs to pay attention to the investment in the infrastructure sector and the effect
of local support for real estate.

In terms of stocks, LME stocks rose 0.
10 million tonnes to 166,900 tonnes and SHFE stocks fell 0.
04 million tonnes to 15,400 tonnes
.

Overall, the current Fed interest rate hike environment is relatively unfavorable for copper prices, and although there are relatively strong expectations on the domestic demand side, whether such strong expectations can be fulfilled is the focus
of the future market.
Yesterday, in the case of lower copper prices, the quotation of premium prices showed a more obvious recovery
.
Unilateral opportunities may be relatively difficult to grasp for the time being, but you can try to carry out internal and external arbitrage operations
against the background of the relatively pressure of the US dollar and the RMB.