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Trade Service
Copper market morning comment: London copper rose slightly yesterday, and the main contract of Shanghai copper closed lower
overnight.
LME copper stocks decreased by 1,875 tonnes to 72,225 tonnes, compared with copper increases of 17,703 tonnes to 52,618 tonnes
in the previous period.
Overseas contraction limits upward, domestic macro is positive, low inventory support, copper prices may still fluctuate; Pay attention to domestic inventory changes
.
At the macro level, the situation in Russia and Ukraine affects market sentiment; US inflation data exceeded expectations, expectations of interest rate hikes increased sharply, and the dollar index rebounded; Energy prices such as crude oil rose sharply, and inflation expectations increased; Domestic wide credit is verified
by data.
On the supply side, the recovery of TC slowed down, and refined copper production increased
year-on-year.
On the demand side, the domestic reservoir has accumulated significantly, but the premium is relatively strong
.
Overseas inventories fell sharply, and the concentration of warehouse receipts remained at a high level, and the premium rose
.
Pay attention to the downstream construction situation
after the domestic holiday.
