Yangtze River copper pricedaiwapowermeshfeeder.ccmn.cn short comment: Funds accelerate their departure in a hawkish atmospheredaiwapowermeshfeederOvernight, copper fell 0.36% for three consecutive days; global risk sentiment was frustrated and almost killed. Shanghai copper was under the top selling pressure, while the weakness of physical goods suppressed prices, and copper continues to fall today.
[Copper Futures Market] In the hawkish atmosphere, funds accelerated to leave the market, the prospects of the Federal Reserve's interest rate cuts became increasingly bleak, and market sentiment cooled significantly, which had a significant negative impact on the copper metal market. After experiencing a trend of rising and falling overnight, the price of copper in the late session fluctuated and closed three consecutive negative times. The latest closing price was US$10359/ton, closing down US$37, or 0.36%. The trading volume of 30463 lots decreased by 5253 lots, and the number of positions increased by 4625 lots from 348186 lots. In the evening, Shanghai copper opened lower, jumped higher, and then fell. The market continued to be weak and volatile. The latest closing price of the main monthly 2407 contract was 83620 yuan/ton, down 330 yuan, or 0.39%.
The latest inventory of copper on the London Metal Exchange (LME) reported 110,025 metric tons on May 23, a decrease of 225 metric tons from the previous trading day, or 0.20%.
Changjiang Copper News: Shanghai copper continued to be weak and opened low today. At 09:01, the latest opening price of the main monthly 2407 contract was 83380 yuan/ton, down 570 yuan. Global risk sentiment has been frustrated and nearly killed. The minutes of the Fed's hawkish meeting showed a rebound in inflation, indicating an increased possibility of another interest rate hike. This has led to the rebound and stabilization of the US dollar and US debt, boosting safe-haven commodities but hurting risky assets. Commodities. Currently, Shanghai copper is at the forefront of selling pressure. Yesterday, the outflows of Shanghai gold, Shanghai silver and Shanghai copper all exceeded 2.6 billion yuan. The weakness of physical goods suppresses prices, resulting in limited upside. At present, copper inventories have risen to historical highs, which has exerted significant downward pressure on copper prices. In the short term, macro sentiment is short and funds are concentrated to flee, which has an adverse impact on copper prices. Spot copper prices are expected to continue to fall today.
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