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Copper market morning comment: copper prices rose on Monday, the market increased positions, the futures term structure began to flatten, there are signs of
strengthening in recent months.
Overnight, U.
S.
stock new home sales fell 6.
6% month-on-month, significantly less than expected
.
Spot premiums remained strong after copper prices rose on Monday, and the import profit window was opened, and import sources may have an impact
on spots.
On the macro front, the Fed has repeatedly made dovish comments, the recovery of the new crown epidemic in many countries, mixed results, this week is approaching the key node of the interest rate meeting, the market is expected to be dovish, the dollar is falling
.
On the supply side, TC continued to recover, refined copper production grew rapidly, and imports slowed down
.
On the demand side, domestic inventories continued to decline, premiums weakened slightly, imports turned into losses, and bonded premiums rebounded
at a low level.
Overseas inventories continue to increase, but PMIs in Europe and the United States are high, and the logic of overseas demand is still there
.
In copper, miners are concerned about policy changes on mining under Peru's new president, who said he would impose heavy taxes
on mining.
Technically, the short-term demand for copper prices is large, and it is in the short-term profit realization area, and the copper price is supported at the 70,000 line
.
