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Copper market morning comment: London copper bottomed out last week, and the main contract of Shanghai copper closed higher
.
LME copper stocks were 89,875 tonnes, down 10,425 tonnes from last week; Copper stocks in the previous period decreased by 3,119 tonnes to 34,918 tonnes; The Shanghai Free Trade Zone warehouse was 166,000 tons, a decrease of 11,000 tons
.
Copper prices are expected to run strongly in the short term, focusing on range pressure
.
On the macro front, Taper landed as scheduled, and the Fed's inflation data exploded in the market, making the market expect the Fed to raise interest rates in advance, and the dollar rose; There are signs of easing domestic liquidity; Domestic real estate concerns eased and market sentiment improved
.
On the supply side, the recovery of TC will slow down, the disturbance of power restrictions will be eliminated, and the production of refined copper will recover; short-term restrictions on imports; The price spread of refined scrap is low, and the willingness of scrap copper merchants to ship has fallen
.
On the demand side, domestic inventories are at a low level, and the premium has rebounded sharply, showing the resilience
of demand.
Overseas inventories continued to decline, and spot premiums remained high
.
