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Overnight, the Shanghai copper 2203 contract opened higher at 70910 yuan / ton, briefly rushed up 71230 yuan / ton at the beginning of the session, and then fell back to the lowest below the daily moving average to touch 70640 yuan / ton, and finally closed at 70950 yuan / ton, up 1.
21%.
Overnight, London copper opened at 9956 US dollars / ton, the center of gravity shifted downward, and the US market tested a low of 9865 US dollars / ton before stopping the decline and rebounding, and finally closed at 9905.
5 US dollars / ton, up 0.
6%.
On the macro front, in the early hours of this morning, the Fed's interest rate decision was announced, and from the CME "Fed Watch" indicator, the probability of the Fed keeping interest rates unchanged in March dropped to 0, the probability of raising interest rates by 25BP was 87.
6%, and the probability of raising interest rates by 50BP was 12.
4%.
In addition, Chairman Powell's speech was also interpreted by the market as hawkish, so under such circumstances, the dollar and US bond yields have risen sharply, precious metals are under obvious pressure, but copper prices are relatively stable
.
This may be due to the mapping effect of the overall industrial sector caused by crude oil prices hitting new
highs again.
Fundamentals, the Spring Festival holiday is approaching, the market gradually enters a state of holiday, trading is cold, Shanghai copper discount is declining, South China copper discount remains low
.
In terms of copper scrap, the price spread of refined scrap continued to maintain a reasonable range
.
In terms of imports, the import window continued to close, LME0-3 maintained its Back structure, and market trading continued to maintain low activity
.
In terms of stocks, LME destocking was 02,600 tonnes to 93,300 tonnes, while SHFE stocks were flat at 13,600 tonnes
.
Overall, although the Fed interest rate meeting was interpreted by the market as relatively hawkish, causing the dollar and U.
S.
bond yields to rise sharply, but because the current high crude oil prices have driven the non-ferrous sector to maintain relative stability, coupled with the current copper inventory is still at a relatively low level, it is expected that copper prices will remain volatile before
the holiday.
