September 10 copper market morning review

On the macro front, the European Central Bank slowed down the pace of the epidemic emergency bond purchase program, the dollar index retreated, and copper prices were supported; Domestic export data exceeded expectations; The epidemic situation in Europe and the United States is still relatively serious
.
On the supply side, TC continued to recover, refined copper production grew rapidly, and copper storage continued but was lower than expected
.
On the demand side, domestic inventories have decreased, and premiums have weakened; Import profits, bonded premium rebounded at a low level; The refined waste spread rebounded
at a low level.
Overseas inventories decreased slightly, and the recovery momentum in Europe and the United States slowed down
under the influence of the epidemic.

According to the General Administration of Customs: China's imports of unwrought copper and copper products in August decreased by 41.
07% year-on-year to 393,900 tons; China's imports of unwrought copper and copper products from January to August decreased by 15.
4% year-on-year to 3.
613 million tons
.
China's imports of copper ore and its concentrate in August increased by 18.
84% year-on-year to 1.
886 million physical tons; China's imports of copper ore and its concentrate from January to August increased by 7.
5% year-on-year to 15.
268 million physical tons
.
In the short term, copper prices will continue to be volatile until the Fed's September interest rate meeting
.
After the September interest rate decision, macro sentiment may pull copper prices down, and fundamentals will give strong support
after copper prices fall.
Given the short-term upward trend in the dollar index, copper prices are likely to be weak
.