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January 6 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, the main contract of Shanghai copper closed lower overnight, LME copper stocks fell by 1775 tons to 86950 tons; Copper decreased by 100 tonnes to 6,855 tonnes
in the previous period.
Macro is mixed, with fundamentals supporting
.

Copper City

At the macro level, the epidemic in Europe and the United States has intensified again, which may affect market sentiment; The marginal trend of domestic monetary policy is obvious, and PMI data shows that the prosperity has rebounded
.
US ADP employment rose by 807,000 in December, significantly beating expectations and increasing investor confidence
that the Federal Reserve will ease interest rates this year.

On the supply side, the recovery of TC slowed down, refined copper production rebounded, copper scrap tightened somewhat, and the price spread of refined scrap was flat
.
On the demand side, domestic weekly inventories increased, and premiums rebounded
after the holiday.
Weekly overseas inventories decreased slightly, and spot premiums were positive
.

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