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Yesterday's domestic copper prices fluctuated lower, the price fell, and the night session was driven by the rise in London copper, and the price was still in the rebound
.
The factors supporting the rebound in copper prices were mainly the slowdown in the Fed's interest rate hike pressure and the improvement of the domestic epidemic
.
At present, the domestic epidemic situation continues to improve, and the resumption of production and work is advancing; But Fed officials' speeches reiterated the view that interest rate hikes should curb inflation, and macro pressures have once again intensified
.
Although the market is still in the process of rebounding, there is limited
room to continue to rise.
Therefore, copper prices still rebound in the short term, but the height is expected to be limited
.
On the macro front, the Fed's Beige Book of Economic Conditions shows that all 12 Federal Reserve regions have reported sustained economic growth, with most showing slight or moderate growth and four regions showing moderate growth
.
Four regions clearly noted a slowdown
in economic growth since the last report.
In addition, the recent pledge default in the colored sector has also caused some colored varieties to show a downward trend
.
However, the actual impact of such events on supply and demand patterns may be relatively limited
.
On the supply side, disruptions continue in South America, with Peruvian Las Bambas suspending operations for more than 37 days and negotiations
failing again last week, according to Mysteel.
The Khoemacau copper mine in Botswana, Africa, has gradually resumed operations
at the beginning of this week after being suspended for 2 days last weekend due to the accident.
Domestic refinery maintenance has been relatively intensive since mid-to-late May, so TC prices have not dropped significantly due to mine supply disruptions, rising slightly by $0.
03/mt to $78.
50/mt
in the week of May 27.
TC prices are expected to remain elevated this week
.
In terms of consumption, with the gradual improvement of the epidemic situation in Shanghai in East China, production has begun to recover, consumption is more active, but consumption in other regions is still generally weak, and with the recent rise in copper prices due to macro factors, demand may be further suppressed
.
The focus of future market consumption is still focused on the strength of national policy support for various industries and the effect of landing, but overall, there are certain expectations
for improvement.
In terms of stocks, LME stocks fell 03,300 tonnes to 146,000 tonnes yesterday and SHFE stocks fell 00,400 tonnes to 07,600 tonnes
.
Overall, although there is a strong expectation of easing on the supply side, this may have been agreed by the market, so the adverse impact on prices may be relatively limited, and the focus of the future market is on the strength of national policy support for various industries and the effect of landing, while the recovery of travel in Shanghai is optimistic
about the demand outlook.
On the macro front, inflation remains high due to the current doubts about whether the pace of Fed rate hikes will be disrupted
.
So overall, the combination of factors remains positive
for copper prices.
