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Copper market morning comment: macro remained stable last week, demand supported copper price Shanghai copper main futures contract around 63,000 yuan per ton last week, and finally closed down 1.
38% to 62,820 yuan per ton, and the position fell slightly to 430,000 lots
.
The spot end premium is still huge, and the Shanghai nonferrous premium is reported at 800 yuan per ton
.
The refined waste spread narrowed to around 1,000 yuan per tonne, and the 20-day copper price volatility remained around
4.
6%.
On the macro level, it has basically remained stable, China's 20th National Congress was successfully held, and overseas British Prime Minister Truss announced his resignation, becoming the shortest-term prime minister
in British history.
Fundamentals, the current downstream demand has some support
for the price.
Last week's copper price trend was mainly to follow the trend, and the macro and its own fundamentals have little to do with it, and demand has played a certain supporting role
.
In a relatively stable week, copper prices are unlikely to fluctuate too much, or continue to maintain a narrow range, relying on downstream demand for short-term strength
.
