May 5 copper market noon review

The main logic of the market during the May Day holiday is still the expectation of a Fed rate hike, the market is worried that the Fed will raise interest rates by 75 basis points, and non-ferrous metals fell
sharply on Tuesday.
The overnight Fed meeting decided to raise interest rates by 75 basis points, while Powell said that a 75 basis point rate hike was not considered, but it is likely that the next few rate hikes will continue by 50 basis points
.
After the fear of a 75 basis point rate hike by the Fed was lifted, market sentiment improved sharply, the dollar tumbled, and non-ferrous metals rebounded
sharply.

Overnight, Lun copper opened higher and closed up to close Xiaoyang, opening sharply higher at $
9630 today.
During the futures period, London copper accumulated a decline of about 2.
2%, and Shanghai copper may open lower with the outside market to around
72500 today.
After the Fed raised interest rates, macro fundamentals have stabilized and market sentiment has improved
.
The epidemic situation in Shanghai has been controlled, there is a certain uncertainty in the epidemic situation in Beijing, and the short-term impact of epidemic factors is small, but it needs attention
in the medium term.
Short-term copper prices are likely to stabilize near the medium-term trend line, and in the medium term, supported by the gradual recovery of domestic demand, it is expected to continue the volatile upward trend
.
Shanghai copper upper pressure 75000, lower support 72000
.