May 9 copper market morning review

Overseas LME and COMEX copper fell more than Shanghai copper due to further declines on Friday, so Shanghai copper may open
further lower on Monday.
In terms of advanced data, due to the decline in refined copper prices, the refined waste price spread narrowed to around 5300 yuan per ton, and TC/RC fell slightly to 80/8, which actually reflected the weak supply and demand, and the volatility of 20-day copper prices fell slightly to around
3.
5%.

On the macro front, the Fed announced its latest interest rate decision, raising its benchmark interest rate by 50 basis points to a range of 0.
75%-1.
00%, the largest rate hike since May 2000, in line with market expectations
.
The Fed will begin shrinking its balance sheet at a pace of $47.
5 billion a month on June 1, and Fed Chairman Jerome Powell said there is still a long way to go from the neutral interest rate level
, the statement said.
At the next few meetings, a 50 basis point hike was a possible option, and the possibility
of a single 75 basis point hike was not actively considered.
The market believes that the Fed is dovish
about the future monetary policy.

Fundamentally, Chile's Constitutional Commission is likely to reshape mining rights in the near future, which will have an impact
on refined copper supply.
Taking into account the supply-side impact and the increase in overall inflation, rating agencies Moody's and Fitch both raised copper prices
in the second half of the year.
In the coming week, copper prices may show signs of a slight rebound due to last week's oversell, but the global manufacturing PMI data is less than expected, the Federal Reserve's tightening of monetary policy and the impact of the stock market pullback on commodities will continue to put certain pressure on price increases, copper prices as a whole may show a weak volatility in the short term, and remain short
in the medium and long term.