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Copper market morning comment: London copper rose slightly yesterday, and the main contract of Shanghai copper closed lower
overnight.
LME copper stocks increased by 6,550 tonnes to 92,850 tonnes, compared with 7,200 tonnes to 10,624 tonnes
in the previous period.
The macro environment is acceptable, but the accumulation of stocks in the off-season is expected, still volatile operation, cautious participation
before the holiday.
At the macro level, the Fed's expectation of interest rate hikes is still repeated, and the US dollar index weakens; The marginal improvement of domestic monetary policy is obvious
.
The Organisation for Economic Co-operation and Development (OECD) has released a report that the strong rebound in economic growth in several major economies around the world is likely to fade
since the severe economic crisis caused by the global pandemic in 2020.
In its latest U.
S.
GDP forecast, Goldman Sachs lowered its forecast for U.
S.
GDP growth in 2022 to 3.
4%
from 3.
8% previously.
Weakening expectations of fiscal stimulus and the spread of the Omicron variant may be the two main reasons
why the agency lowered its forecast for US GDP growth.
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 weekly inventories rebounded slightly, but the premium was still high, and there was still a replenishment action
.
Weekly 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 domestic Spring Festival, and the downstream is about to enter the holiday mode
.
