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Copper market morning comment: London copper fell slightly yesterday, and the main contract of Shanghai copper closed lower
overnight.
LME copper stocks minus 475 tonnes to 254,300 tonnes; Copper decreased by 1,400 tonnes to 31,900 tonnes
in the previous period.
Copper prices continued to rise on Wednesday, closing at 69,100 yuan a tonne, mainly due to the pullback and technical support of the previous overbearish, copper prices may continue to rise
in the case of stable macro sentiment.
The decline on Thursday and Friday is not trendy, because a trend down or rise requires macro and micro resonances, and when copper prices fall to this level, the fundamental support is more obvious
.
On the macro front, affected by the epidemic, the US dollar fell under pressure, and the US House of Representatives passed a key vote on a $3.
5 trillion budget resolution; domestic economic data was weaker than expected, and policy intervention was expected to be marginally strengthened
.
On the supply side, TC continued to rise, the risk of Escondida strike was lifted, refined copper production grew rapidly, and copper dumping continued
.
On the demand side, domestic inventories decreased slightly, and the premium was high; Import profits, bonded premium rebounded at a low level; Refined waste spreads continue to narrow
.
Overseas inventories have increased, and the recovery momentum in Europe and the United States has slowed down
under the influence of the epidemic.
