Metals are mixed, and upward pressure on Shanghai copper is emerging

On the macro front, U.
S.
economic data cooled, with the New York Fed's manufacturing index falling to -0.
7 in January from 31.
9 in December, the first time since June 2020 falling to negative territory and the third largest month-on-month decline in history, dragged down by the new orders index falling from 27.
1 to -5, gold soared $11 short-term
.

High inflation hit raw materials, the NAHB builders' credit index fell for the first time in four months in January, and sales expectations for the next half year also declined
.
The dollar index rose to a six-day high
as expectations of a stronger rate hike pushed both two-year and 10-year Treasury yields to pre-pandemic highs in early 2020.
The consensus expectation is now being raised that the Fed has raised interest rates not just three times this year, but at least four
.

From a fundamental point of view, on the first trading day of the new month, the market fell slightly, and the holders continued the price sentiment as a whole, but due to the high price quotation in the morning market, the Shanghai copper rise discount showed a downward trend, and the overall scarce state of the market remained unchanged; Guangdong electrolytic copper rebounded significantly after the monthly change, but downstream consumption was weak, and South China copper rose to the bottom of the day
.

In terms of inventories, the LME and SHFE continued to accumulate, rising by 01,700 tonnes and 03,200 tonnes to 94,500 tonnes and 13,900 tonnes
respectively.

On the whole, the emergence of accumulation has made the upward pressure on copper prices, but in the case of high inflation, copper prices have temporarily maintained a volatile pattern
.