April 8 copper market morning review

At the macro level, geopolitical events in Russia and Ukraine have been repeated; The high-frequency data of the domestic economy is weaker than expected, and the national measures to stabilize growth are on the line; Fed minutes are hawkish
.
On the supply side, TC rebounded, refined copper production increased year-on-year, and scrap copper supply was tight
.
On the demand side, the domestic continued to destock, the suspension of domestic smelting enterprises and the restriction of logistics under the influence of the epidemic, the premium remained high, but the actual downstream consumption was average
.
Overseas inventories rebounded
slightly.

At present, affected by the epidemic, the pattern of weak supply and demand is obvious
.
However, at present, due to the high premium quotation caused by logistics, and the macro aspect, the inflation level is still relatively high, and copper prices may still maintain a slightly upward pattern
.