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Trade Service
Copper market morning comment: Copper prices continued to fall at night last weekend, mainly affected by the strengthening of the US dollar
.
Due to the negative correlation between the US dollar and copper prices, the Fed's continued interest rate hikes have made the market worried that the strong US dollar will continue to put pressure
on copper prices.
In May, domestic refined copper output was 912,000 tons, an increase of 4.
7%
year-on-year.
At present, concentrate supply is generally performing well and demand is performing moderately
.
Copper prices may continue to be weak in the short term, and will still be supported
by new energy demand in the long term.
It is recommended to pay attention to the domestic epidemic, spot demand, copper downstream starts, inventory and other conditions
.
From a fundamental point of view, the centralized maintenance period of domestic copper smelters is gradually coming to an end, and the resumption of production of Shandong smelters is expected to increase
refined copper production.
The rapid decline in copper prices has a certain pull on consumption, but the recovery of new cable orders for traditional infrastructure and real estate is slow, and the fundamentals are generally weak
.
In summary, maintaining the view that the center of gravity of copper prices has shifted downward, it is recommended to sell short
at the high.
