June 27 Copper Market Morning Review

Last week, Powell signaled to the market that the Fed will continue to raise interest rates aggressively, and Powell's congressional hearing will not turn as long as inflation does not decrease rapidly; And Thursday's U.
S.
manufacturing and services PMIs for June fell short of expectations
.
U.
S.
economic growth has slowed significantly, aggressive interest rate hikes by the Federal Reserve, and a global economic downturn will lead to a decline
in global copper demand.

At present, under the drag of weak real estate and seasonal off-season, copper consumption performance is weak, and the recent decline in copper has failed to boost downstream replenishment willingness, spot premiums follow copper prices down, and market sentiment is pessimistic
.
In addition, the pressure on copper supply in the second half of the year will also begin to be reflected
.
The copper price has fallen below the previous shock range, and it is expected that the subsequent copper price will continue the downward trend
.