The macro atmosphere is still not good, and the momentum of Shanghai copper is insufficient

Recently, the macro atmosphere is empty, the Fed released a hawkish signal, and the domestic policy in the early stage is favorable for digestion, and the non-ferrous metal is overcast, and the trend is relatively weak
.
The newly announced Chinese LPR remains on hold
.
The recent focus has been on poor domestic economic data and overseas recession expectations, which has also led to a pullback
in copper prices.
This is a short-term reaction after the previous favorable policy fulfillment, and in the medium term, it is still optimistic about the macro expectation and its support
for copper prices.

In terms of the market, Shanghai Metal Network 1# electrolytic copper quotation 65400-65750 yuan / ton, the average price of 65575 yuan / ton, down 445 yuan / ton from the previous trading day, the Shanghai copper 2301 contract rose 450-liter 580 yuan / ton
.
The spot market transaction is general, and the premium increased by 25 yuan / ton
from the previous day.
Domestic trade market trading is still light, the supply of goods is not much, the liter is relatively firm, before and after a period of time, flat water copper rose about 450 yuan, good copper rose about 540 yuan heard of the transaction, the second period of reporting further reduced the volume of goods, the premium slightly raised, after 11 o'clock heard that more than 500 yuan of good flat water copper but did not hear the actual transaction, wet copper and poor flat water copper are still rare
.
As of the close, the network reported a rise of 540-liter 580 yuan / ton, flat water copper reported a rise of 450-liter 500 yuan / ton, and a difference copper rose of 350-liter 420 yuan / ton
.

In terms of inventory, the inventory of Shanghai copper warehouse receipts accumulated last week, but the weekly inventory of the previous period declined, and the inventory of Shanghai copper warehouse receipts also fell
this week.
LME copper inventories were limited and low inventories continued to support
copper prices.
The willingness of domestic downstream replenishment rebounded, and the premium rebounded to a high level, supporting short-term prices
.
Stocks in the bonded zone continued to accumulate, and demand for imported copper weakened, but the inventory level in the bonded zone remained low; Overseas inventories have not changed much, and the proportion of written warehouse receipts has increased, but spot goods have returned to the state of large discount, and fundamental support still exists
.