December 13 copper market morning review

On the macro front, pay attention to the Fed's interest rate meeting; The Politburo meeting and the economic work conference emphasized that stability is the first priority, and the intensity of cross-cycle policies can be expected
.
On the supply side, the recovery of TC will slow down, the power limit disturbance will be eliminated, and the production of refined copper will recover
.
On the demand side, the increase in domestic inventories is at a low level, the price spread of refined waste is lower, and consumption remains resilient
.
Overseas inventories increased, and spot premiums returned to around
0.

The impact of recent news has weakened, the Fed tightening and domestic RRR cuts and other long and short intertwined, copper prices opened low on Friday night, but the market is close to the lower edge
of range shock.
Fundamentals, the start of fine scrap copper rods at the end of the year has declined, cable orders are not good, it is difficult for the consumer side to have a bright performance, limiting the upward trend of copper prices, and it is difficult to have a breakthrough trend
in the short term.