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Copper market morning comment: Shanghai copper main Cu2105 rushed higher in the last trading day and then fell, the highest was 67720, the lowest was 66380, closed at 67040, closed up 0.
36%, and the night trading fluctuated
in a narrow range.
London copper retreated sharply in late trading, closing at 8871, closing down 2.
84%.
In the market, copper warehouse receipt inventories edged up by 552 tonnes to 114919 tonnes in the previous trading day, while LME copper inventories increased by 8,525 tonnes
.
In April, the smelter was overhauled, the output rate of refined copper is expected to slow down, and the accumulation of domestic stocks may end
.
On the demand side, the increase in cable consumption is limited, and the second quarter is the peak season for air conditioning production, and the heat of the automobile market is not reduced
.
At the macro level, Fed Chairman Jerome Powell reiterated at the hearing that the upward momentum for inflation this year will not last, and the Fed has the tools to deal with inflation concerns
.
The European epidemic rebound and lockdown strengthened, the dollar index rose sharply last night, most of the US and European stock markets fell, and crude oil prices fell sharply
.
Overall, the pressure brought by the rebound of the US dollar index increased, and at the same time, dragged down by rumors of aluminum market dumping yesterday, the overall performance of non-ferrous metals was weak, and copper prices may fluctuate to the downside
.
