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Copper market morning comment: copper prices weakened slightly overnight, and the main 2210 contract closed at 61260 yuan / ton, down 0.
6%.
Affected by the central bank's reduction in the reserve requirement ratio for foreign exchange deposits yesterday, the macro sentiment of the market improved, and copper prices rose
sharply.
At present, global copper stocks are at a low level, LME copper premiums are higher, and domestic copper spot premiums are also at a high level, with copper stocks increasing by 2,579 tons to 37,000 tons
last week.
However, at present, the downward pressure on the domestic economy is still large, and it may be difficult for domestic copper consumption to perform
well under the drag of real estate.
Moreover, under high inflationary pressure, overseas central banks will raise interest rates sharply, and overseas economic growth will decline
.
At the end of August, Powell made a hawkish speech at the annual meeting of global central banks, exceeding market expectations, and the market's expectations for the Fed's 75BP interest rate hike in September rebounded, and copper prices fell
back to their highs.
Under the pressure of slowing global economic growth and the Federal Reserve's aggressive interest rate hikes, copper prices are under pressure above, but low inventories and high premiums strongly support copper prices, and copper prices are expected to run in a range-bound operation
.
