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Copper market morning comment: Today's Shanghai copper 2212 contract closed at 62750 yuan / ton, down (end) of 0.
35%.
At 3 p.
m.
on the same day, LME copper was quoted at $7565.
5/ton, with a Shanghai ratio of 8.
29
.
In terms of spot, the average price of today's #1 copper market is 63950 yuan / ton, which is 190 yuan / ton
higher than the contract of the month.
Today's copper spot premium continued to decline, and the premium fell to 190 yuan / ton, which has fallen back to a reasonable level
.
In addition, since the spot premium in Shanghai fell much more than that in Guangdong, there was room for arbitrage in copper spot in the two places
.
Today's dollar index fell sharply, supporting copper prices, while the previous spot support weakened, copper prices may show a volatile trend
.
The Fed's rate hikes are likely to ease, and so far this year, the Fed's rate hikes are the biggest negative factor in the copper market, as they may lead to slower economic growth and may reduce copper demand
.
There is a slight gap between supply and demand in the industrial chain, which is reflected in the continuous decline of inventories and the continued premium of domestic and foreign
spots.
Global inventories are near multi-year lows, and Shanghai bonded warehouse inventories have fallen to their lowest since data began
.
Macro bearish and industrial chain gaps may alternately affect copper prices, it is recommended to pay attention to the domestic epidemic, spot demand, downstream starts, inventories and other conditions
.
