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Copper market morning comment: London copper fell slightly last week, and the main contract of Shanghai copper closed higher
.
LME copper stocks were 80,600 tonnes, up 1,100 tonnes from last week; Copper stocks decreased by 27,451 tonnes to 102055 tonnes in the previous period; Stocks in the bonded zone decreased by 21,000 tonnes to 225,000 tonnes
.
The contradiction between Russia and Ukraine affected market sentiment, demand has partially improved, copper prices have maintained high volatility in the short term, cautious participation
.
At the macro level, the geopolitical events of Russia and Ukraine have not eased; The high-frequency data of the domestic economy is weaker than expected, and further action by the state is still needed for easing; The Fed's rate hike boots landed, in line with expectations, but crude oil rebounded and inflation continued
.
On the supply side, TC picked up, but there was interference in short-term mines; Refined copper production increased
year-on-year.
On the demand side, the domestic large-scale destocking, the shutdown of domestic smelters and the restriction of logistics under the influence of the epidemic, coupled with the shortage of scrap copper, but the actual downstream consumption is general, and the premium level has fallen
.
Overseas inventories rebounded
slightly.
