January 27 Shanghai copper brief commentary

The recent significant deterioration of the situation in Russia and Ukraine has triggered market concerns about energy, and if the energy crisis in Europe repeats, funds may seek to allocate industrial products to avoid inflation risks, and the risk appetite of the financial market has rebounded, which has supported
copper prices.

Fed Chairman Jerome Powell hinted that the first rate hike would be in March, and also said that he did not rule out the possibility of raising interest rates at every meeting, and his attitude was more hawkish, which affected the US Treasury yield and US index significantly strengthened, but the metal market was not significantly under pressure
.

From a technical point of view, the support below 69,500 is effective, the short-term repair rebound, the pressure level can pay attention to 71,300, it is difficult to get out of the trend market
.
Markets await the Fed meeting in the early hours of Thursday morning and remain operationally on the sidelines
.