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Copper market morning comment, yesterday London copper rose sharply, Shanghai copper main contract closed higher
overnight.
LME copper stocks minus 1,600 tonnes to 197,650 tonnes; Copper decreased by 548 tonnes to 10,034 tonnes
.
On the macro front, the US epidemic has slowed economic growth, overheated inflation will cause the Federal Reserve to cancel its easing policy, and the US dollar index will still recover in tangles; Domestic economic data is weak, policy intervention is expected to strengthen marginally, and the countercyclical effect of infrastructure may appear
.
On the supply side, TC continues to recover, and refined copper production still increases
.
On the demand side, domestic inventories are at a low level, premium is high, and the price spread of refined waste is low, these factors jointly support the demand for
refined copper.
At present, power rationing measures have an impact on both upstream and downstream, and it is necessary to pay attention to the changes in inventory after the
holiday.
Overseas inventories have also continued to decline
.
Copper prices are on the strong side, focusing on the pressure
on the upper edge of the range.