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January 14 Copper Market Morning Review

 Last Update: 2022-12-24
 Source: Internet
 Author: User

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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 fell by 50 tonnes to 83,800 tonnes, compared with previous period copper down 300 tonnes to 4,774 tonnes
.
Market sentiment is improving, fundamentals are supported, running strongly, and focusing on pressure at the upper edge of the range
.

Copper City

At the macro level, the Fed chairman's speech was slightly dovish, the dollar retreated, and market sentiment improved; The marginal trend of domestic monetary policy is obvious, and PMI data shows that the prosperity has rebounded
.

On the supply side, the recovery of TC slowed down, refined copper production rebounded month-on-month, copper scrap tightness eased, and refined waste price spread increased
.
On the demand side, the weekly start of copper rods continued to fall, but the domestic weekly inventory declined, and the premium was on the high side, or it was related to pre-holiday stocking; 01 Contract holdings are still high, and high spot premiums may increase futures delivery, but inventories are too low
.
Weekly overseas inventories decreased slightly, and spot premiums were positive
.

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