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Trade Service
Copper market morning comment: London copper fell sharply yesterday, and the main contract of Shanghai copper closed lower
overnight.
The macro is short, the demand margin is improving, and copper prices have returned to the previous shock range, focusing on the lower edge support
.
On the macro front, the IMF lowered the global economic growth rate, and demand may weaken; Domestic measures to stabilize growth have been steadily advanced, but the policy strength is less than expected; U.
S.
inflation exceeded expectations, the Fed may accelerate the pace of interest rate hikes, although it is still supported by inflation in the short term, but the interest rate hike + balance sheet reduction is ultimately not conducive to copper prices; Geopolitical events in Russia and Ukraine have been repeated
.
On the supply side, there are frequent interference events at the mine end, refined copper production has increased year-on-year, and the supply of scrap copper is tight
.
On the demand side, domestic inventories have fallen sharply, spot premiums have rebounded, and logistics may continue to be boosted
after smoothness.
Overseas inventories increased
.
