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Copper market morning comment: London copper rose last week, and the main contract of Shanghai copper closed higher
.
LME copper stocks were 99,775 tonnes, up 13,475 tonnes from last week; Copper stocks in the previous period increased by 4,772 tonnes to 35,102 tonnes; The warehouse of Shanghai Free Trade Zone was 161,000 tons, flat
.
Macro inside loose and tight outside, seasonal accumulation, copper prices are still volatile running, this week macro events are more, cautious participation
.
At the macro level, the Fed's interest rate hike expectations are still repeated, and the US dollar index has recovered after falling, so we need to pay attention to the next Fed interest rate meeting; The marginal improvement of domestic monetary policy is obvious, and the LPR interest rate
has been further reduced.
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, domestic inventories rebounded slightly, and premium declined
.
Overseas inventories have increased significantly, but LME spot premiums remain high
.
Pay attention to the accumulation of
inventory before and after the Spring Festival in China.
