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Copper market morning comment: Yesterday's external metals were mixed, and London copper fell as lower-than-expected Chinese trade data showed weaker
demand from China as a major consumer of metals.
China's copper imports fell 8 percent in May from the previous month, with record copper prices further dampening buying interest, while overall export growth was lower than expected
.
On the macro front, with limited job growth last week and the Federal Reserve's overnight reverse repo usage hitting a record high on Monday, investors believe that this is not enough to intensify expectations of the Fed's monetary easing policy for
now.
The U.
S.
dollar index came under pressure during the night, and copper was volatile higher
.
In terms of fundamentals, the CSPT team failed to finalize the floor price of copper concentrate processing fees in the second quarter of 2021, indicating that the market may have certain differences in the future supply of copper concentrate, but it is still difficult to say that it is generous, and on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, and the next peak season destocking is likely to form a strong support for copper prices, temporarily maintaining the long-term bullish judgment of copper prices, but if the destocking in the second quarter is not as expected, The rise in copper prices may be weaker
than previously expected.
