Metals fell across the board, and Shanghai copper continued to decline in early trading

On the macro front, Richmond Fed President Barkin, the 2024 FOMC voting committee, said on Tuesday that the Fed should raise interest rates as quickly as possible and avoid undue harm
to financial markets or the economy.
At present, from the implied probability of the federal funds rate futures, the probability of a 75bps Fed rate hike in July is still more than 70%.

The Fed forcibly suppresses demand by raising interest rates to achieve the purpose of controlling inflation, so that copper varieties may still be difficult to perform relatively beautifully in the short term
.

On the supply side, there was no further news from South American mines last week, although Argentina announced a new progressive tax rate
on copper exports.
TC prices continued to edge lower by $1.
36/mt to $73.
91/mt
.

In terms of consumption, the operating rate of downstream processing enterprises last week was not good, superimposed on the consumption off-season, the downstream willingness to buy goods was poor, and it was more bearish in the future
.
Traders also did not recognize the high premium of spot goods very much, tried to trade at a low price, and finally received not many
goods.
Although terminal sectors such as power and automobiles may perform relatively well in the equity market, real estate still makes the market more worried, and orders from end companies are not very satisfactory, so the overall consumption is still difficult to be optimistic
.

In terms of stocks, LME stocks fell by 01,900 tonnes to 115,200 tonnes
yesterday.
SHFE stocks fell 0.
09 million tonnes to 18,400 tonnes
.

Overall, after the Fed raised interest rates by 75 basis points, the market's concerns about the future economic outlook further intensified, and the colored sector was also dragged down and showed lower, and the current demand outlook is difficult to say optimistic, so this operation is temporarily
based on a wait-and-see attitude.