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Copper market early comment: copper prices rebounded last week, macro bearish sentiment eased and the fundamental support brought by spot replenishment are the key rebound factors
.
From the macro level, the impact of two macro events landed, one is that the Fed raised interest rates by 75BP as scheduled, other relevant statements are in line with expectations, while the US GDP indicator entered a technical recession, triggering a slowdown in the expectation of interest rate hikes, the US dollar index in this week showed a high downward trend, supporting copper prices strong performance, looking forward, the Fed rate hike in the fourth quarter is indeed likely to slow down, this interest rate meeting is more viewed, but the direction of economic development is still a short view; The meeting of the National Economic and Political Bureau landed, the real estate bailout, infrastructure construction, and stable growth were still the main points mentioned, and the domestic demand side showed a recovery trend
.
From the industrial level, copper prices stabilized and rebounded after the decline to attract prices to attract spot enterprises to replenish inventory, domestic inventories fell sharply, warehouse receipt inventory outflow, domestic fundamentals returned to high premium and low inventory pattern, supporting price performance, short-term to continue to rebound trend treatment, the expected price range of 59000-62500 yuan / ton
.
