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Copper market morning comment: London copper rose slightly yesterday, the main contract of Shanghai copper closed higher overnight, LME copper stocks increased by 950 tons to 75175 tons, and the previous copper increased by 549 tons to 6331 tons
.
The macro margin is improving, the fundamentals are acceptable, and the lower edge of the range is supported
.
On the macro front, the dollar retreated; Domestic RRR cuts release liquidity
.
On the supply side, the recovery of TC will slow down, the power limit disturbance will be eliminated, and the production of refined copper will recover
.
On the demand side, domestic inventories are at a low level, premiums are close to delivery, and refined waste price
spreads are low.
Overseas inventories continued to decline, and spot premiums remained high
.
From the overall trend, copper prices are still mainly volatile, but with the tightening of macro expectations, it will gradually weaken
.
Fundamentally, China's electrolytic copper production in November was 825,900 tons, up 4.
6% month-on-month and 0.
5%
year-on-year.
The power curtailment and production restriction basically ended in mid-to-late November, so it is expected that major smelters will have conditions for full production
in December.
Strategically, it is still recommended to hold the coin on the sidelines when there is no trend and copper price volatility is low
.
