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Copper market morning comment: yesterday's copper price volatility trend, the price center of gravity around the 62000 line running, night prices rushed back down, spot trading is light, domestic squeeze eased, warehouse receipt volume continued to increase to the high level of the same period
.
At the macro level, the Fed's interest rate hike path has been strengthened in the context of CPI continuing to exceed expectations, the probability of consecutive interest rate hikes of 75BP in November and December has risen, the interest rate hike path is tight, the US dollar may maintain a strong pattern, and the downward shift in the center of gravity of inflation expectations has suppressed copper price valuations and curbed the height
of copper price rebound.
In terms of inventory, the domestic accumulation in the first week after the holiday was higher than before, the social treasury increased by 11,500 tons, the trading inventory increased by 33,000 tons, forced warehouse expectations, the outflow of goods became warehouse receipts, 64,000 high-priced copper downstream acceptance is not high, October did not show signs of a strong return to consumption, spot premium to discount, spot driven futures price rise momentum marginally weakened
.
On the whole, it is still difficult to significantly ease at the macro level, the overall attitude of the Fed remains hawkish, the path of interest rate hikes continues to tighten, and inflation expectations suppress copper price valuations; At present, the overall range oscillation characteristics
do not change.
