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Copper market afternoon commentary: China's social finance data was stronger than expected to boost the market, and London copper edged up 0.
16% overnight; Domestic new energy supply and demand are booming, and the increase in spot supply is not significant, downstream consumption is still resilient, and copper may remain stable
.
On the macro front, the Fed vice chairman said that policy will remain tight for a certain period of time and will consider policy spillovers, hinting at the possibility of cautious interest rate hikes, and the upside pressure on copper prices has adjusted
.
Domestically, various localities have lowered the interest rate of the first home provident fund loan, and the local property market stabilization policy supports real estate development
.
In terms of basic data, copper stocks increased by 827 tons in the previous period and LME copper stocks increased by 1975 tons
.
Domestic inventories showed signs of recovery, while spot premiums fell sharply, but the tight pattern of spot supply and demand has not changed
.
On the whole, macro pressure has decreased, fundamental support is still strong, strong reality and weak expectations are fierce, and copper prices rebound strongly in the short term, but the long-term outlook is not optimistic
.
