June 23 Shanghai copper brief commentary

On the macro front, Fed Powell will not preemptively raise interest rate rhetoric to boost market sentiment
.
On the supply side, the storage landed, TC continued to rise, refined copper production grew rapidly, imports also showed a high growth rate, and supply showed signs of
easing up.
On the demand side, domestic inventories have declined, premiums have increased, consumption margins have improved, and import losses have narrowed, but as the market enters the off-season, consumption is difficult to perform
.
PMI in Europe and the United States has reached a record high, considering that there has not yet been a real change in policy, and the logic of overseas demand is still there
.

The Fed's dovish attitude pulled down the dollar index, the first batch of auctions of the National Reserve Bank promoted the exhaustion of profits, and the Shanghai copper rebound was dominated by intraday rebounds, touching pressure around 68,500 for a while
.
At present, Shanghai copper fundamentals are still in the off-season, although there is tight supply and long-term demand impact, but the overall momentum is limited
.
It is expected that the Shanghai copper main is affected by the US index and the surrounding market in the near future, and beware of rushing back down the market
.
It is expected that Shanghai copper will maintain a high volatility market, and Shanghai copper will focus on the volatility range around 6.
7-69,000
.
The operation loader can ship appropriately, and the downstream stock is temporarily waiting
.
Watch for follow-up
news from the Overnight Fed.