Domestic inventories do not see an inflection point There is pressure above copper prices

On the macro front, the atmosphere is hard to say optimistic, China's credit data in April mostly retreated, PPI year-on-year growth exceeded expectations, due to the low base in the same period last year and the impact
of higher commodity futures prices.
Driven by the rising tide of commodity prices, global inflationary pressures have risen, the US CPI rose 4.
2% year-on-year in April, refreshing a ten-year high, the Fed's future monetary policy is worried, and the US employment situation has not yet returned to normal
.

In terms of the market, in the week of May 14, domestic spot copper prices fluctuated
.
The average price of Yangtze River nonferrous metal network 1# copper was 75856 yuan / ton, up 134 yuan / ton per day, and up 0.
90% on a weekly basis; The average price of the previous week was 73490 yuan / ton, up 2366 yuan / ton compared with last week, up 3.
22%
from the previous month.

In terms of news, copper concentrate supply is still tight, and refining and processing fees have recovered recently, but are still at a low level
.
Passage of a tax hike bill by the lower house of Chile's Congress could delay new copper energy projects, in addition to a shortage of sulfuric acid that could affect up to 12 percent of the country's production
.
BHP's Escondida and Spence copper mines in Chile are at risk of strike, and disturbances at the mine end
.

In terms of inventories, Shanghai copper stocks continued to rise this week, increasing by 20,706 tons to 229179 tons, an increase of 9.
93%, and a cumulative increase of 14.
66%
in the past two weeks.
This week, London copper stocks first fell and then rose, with a cumulative decrease of 5,475 metric tons to 121,250 metric tons, a cumulative decrease of 4.
32%.

Domestic electrolytic copper production maintained growth, crude copper processing remained high, scrap copper imports were also increasing, and the widening of refined scrap price spread was not conducive to refined copper consumption
.
Investors are betting that green investment will drive long-term demand growth, but the current commodity price is rising too fast, suppressing downstream market demand, domestic inventories have not seen an inflection point, and there is some pressure
above copper prices.