The market lacks guidance in the short term, and copper prices are difficult to perform

On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, and although the dollar has been strong after this interest rate meeting, it is largely an overdraft
of future economic growth.

On the supply side, the storage landed, TC continued to rise, refined copper production grew rapidly, imports also showed a high growth rate, and supply showed signs of
easing up.
On the demand side, domestic inventories have declined, premiums have increased, consumption margins have improved, and import losses have narrowed, but as the market enters the off-season, consumption is difficult to perform, and overseas inventories have increased
sharply.
PMI in Europe and the United States has reached a record high, considering that there has not yet been a real change in policy, and the logic of overseas demand is still there
.

In terms of fundamentals, the current TC price continues to rise, coupled with the domestic storage rumors landed, so the supply side has a more negative impact on copper prices, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, but due to the current market Fed dumping rumors interference and the impact of the possible tightening of central bank liquidity around the world, so overall, the current relatively neutral attitude
is maintained.