September 22 Copper Market Afternoon Review

Total existing home sales in the United States recorded an annualized 4.
8 million in August, the lowest since May 2020, and expected 4.
7 million units compared to 4.
81 million in the previous month
.
Overnight, the Fed announced a 75 basis point rate hike, in line with expectations
.
But then officials mentioned in their speeches that a more aggressive pace
of interest rate hikes is still needed.
Therefore, the probability of another 75 basis point rate hike in November rose to close to 70%, and the market fluctuated
sharply overnight.
The dollar rose sharply, the yuan and the euro fell sharply, and non-ferrous metals rushed back down and most fell
.

Overnight, Lun copper rushed back down and turned lower to close in the shade, opening as low as $
7601 today.
Shanghai copper opened sharply lower in the night, oscillating to close the doji, closing at 62270
.
Shanghai copper trading positions continued to decline, and market sentiment was cautious
.
The short-term market is weakly affected by the hawkish speech of the Federal Reserve, and the medium-term macro and supply and demand fundamentals are expected to improve, and copper prices may rebound
moderately after short-term shocks.
Shanghai copper upper pressure 65000, lower support 60500
.
Today's international copper premium slightly rose to 625 points compared with Shanghai copper, and the external trend was stronger than the internal market
.