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Copper market morning comment: London copper rose sharply last week, and the main contract of Shanghai copper closed higher
.
LME copper stocks were 233,950 tonnes, down 18,275 tonnes from last week; Copper stocks in the previous period decreased by 7,440 tonnes to 61,838 tonnes; The warehouse in Shanghai Free Trade Zone was 284,000 tons, a decrease of 17,000 tons
.
At the macro level, China's CPI decline has had a limited impact on copper prices, and the Fed did not have too many officials speak
out last week.
However, this week, some officials may take a position on the September interest rate decision, when the market will interpret
it.
Fundamentally, the month-on-month decline in electrolytic copper production in August is somewhat related to the southern power curtailment policy and smelter maintenance, and the situation is expected to be eased
in September.
On the demand side, copper prices performed well below 68,000 yuan per ton, which is the main reason why
copper prices can get strong support at a low level.
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.
