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Copper market morning comment: last week, London copper rushed back down, Shanghai copper main contract closed higher
.
LME copper stocks were 86,300 tonnes, up 1,525 tonnes from last week; Copper stocks increased by 1,148 tonnes to 30,330 tonnes in the previous period; The warehouse of Shanghai Free Trade Zone was 161,000 tons, an increase of 20,000 tons
.
Macro is mixed, inventories may accumulate, volatility is weak, cautious participation
before the holiday.
At the macro level, the Fed's interest rate hike expectations are still repeated, and the US dollar index has fallen; energy constraints or from time to time affect market sentiment; 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 significantly month-on-month, copper scrap tightness eased, and refined waste price spread increased
.
On the demand side, domestic consumption weakened seasonally, and domestic inventories rebounded slightly, but the premium was still high, and it may fall
after delivery.
Overseas inventories and bonded zone inventories increased slightly, while LME spot premiums were positive
.
Pay attention to the accumulation of
inventory before and after the Spring Festival in China.
