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    Home > Chemicals Industry > New Chemical Materials > December 6 copper market morning review

    December 6 copper market morning review

    • Last Update: 2022-12-23
    • Source: Internet
    • Author: User
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    Copper market morning comment: London copper fell slightly last week, the main contract of Shanghai copper closed lower, LME copper stocks were 78,350 tons, down 5,450 tons from last week; Copper stocks in the previous period decreased by 5,752 tonnes to 36,110 tonnes; The warehouse of Shanghai Free Trade Zone was 150,500 tons, a decrease of 09,500 tons
    .
    The macro is bearish, the fundamentals are acceptable, and the lower edge of the range is supported
    .

    Copper City

    On the macro front, the risk of new strains in South Africa was gradually released, the hawks of the Federal Reserve spoke one after another, and the US dollar recovered; Domestic liquidity is showing signs of
    easing.
    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, domestic inventories are at a low level, the premium is rebounding at a low level, and the refined waste price spread is low, indicating that the demand is acceptable after the price correction
    .
    Overseas inventories continued to decline, and spot premiums remained high
    .

    At present, the copper market is worried about weak demand in the future; On the other hand, it is subject to low inventories and tight
    spots.
    LME stocks fell below 80,000 tonnes, and stocks rose back to 41,000 tonnes at the end of last week, with overall inventories at low levels and inverse structures in the two markets
    .
    Short-term copper prices are more likely to fluctuate in a wide range
    .

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