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November 29 copper market morning review

 Last Update: 2022-12-23
 Source: Internet
 Author: User

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Copper market morning comment: London copper fell sharply last week, LME copper stocks were 83,800 tons, down 6,075 tons from last week; Copper stocks in the previous period increased by 6,944 tonnes to 41,862 tonnes; The warehouse of Shanghai Free Trade Zone was 160,000 tons, a decrease of 6,000 tons
.
Macro bearish, fundamentals are acceptable, focus on the lower edge of the range support
.

Copper City

On the macro front, the new variant of the virus has caused market panic; The epidemic has reduced expectations of interest rate hikes by the Federal Reserve and weakened the dollar; There are signs of easing domestic liquidity; Domestic real estate concerns eased
.

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; 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, but the high level of premium has fallen
sharply.
Overseas inventories continued to decline, and spot premiums remained high
.

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