September 26 Copper Market Morning Review

At the macro level, the Fed strengthened the subsequent hawkish interest rate hike path, raising the interest rate ceiling target to 4.
4%, 4.
6% first-line, guiding hawkish interest rate hikes in November and even December, and the US dollar index will still maintain a strong performance, suppressing risk asset prices; The current expectation of interest rate hike tightening has not been further expanded into the main logic of recession expectations approaching trading, copper price performance is volatile, but it is expected that with the continuous strengthening of the Federal Reserve, the European manufacturing industry accelerated to decline and the characteristics of weak demand, the macro level bearish will gradually be strengthened
.

From the perspective of inventory, copper prices are still in the structure of strong reality and weak expectations of low inventory, high premium, and deep back, but the development of the supply and demand pattern is still not in a more tense direction; Copper inventories overseas, especially in Europe, have continued to increase, and weak demand has begun to become apparent, which will put pressure on US dollar copper prices
.