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May 13 copper market morning review

 Last Update: 2022-12-21
 Source: Internet
 Author: User

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Copper market morning comment: copper prices strengthened on Wednesday, and market trading fell
.
The main force of Shanghai copper rose 1.
62% to 77090 yuan / ton, and the settlement price of 1# electrolytic copper was 76150 yuan / ton, and the spot discount expanded
.

Copper City

On Wednesday evening, it was announced that the US CPI in April rose 4.
2% year-on-year, significantly exceeding the previous market expectation of 3.
6% and the highest growth rate since September 2008
.
After the release of the data, the dollar rebounded, gold short-term killing, the market fears that excessive inflation will hinder Biden's stimulus policy and bring the Fed's monetary policy contraction early
.

On the spot side, the term contango structure led traders to buy and sell more
.
In addition, the import loss is at a relatively low level, and the phased suppression of import demand is not conducive to the short-term performance
of prices.
In terms of industry, domestic refineries are overhauled centrally, and the supply side may be tight; Spot market transactions are average, but the expectation of destocking is still there
.
Technically, Shanghai copper is in a narrow range of 75,000 to 70,000, waiting for the direction to be clear
.

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