January 27 Copper Market Morning Review

On the supply side, the recovery of TC slowed down, refined copper production rebounded significantly month-on-month, copper scrap tightness eased, and refined waste price spread increased
.
On the demand side, domestic consumption weakened seasonally, domestic inventories rebounded slightly, and premium declined
.
Overseas inventories have increased significantly, but LME spot premiums remain high
.
Pay attention to the accumulation of
inventory before and after the Spring Festival in China.

On the macro front, the Fed's interest rate meeting was hawkish; The marginal improvement of domestic monetary policy is obvious
.
Although the Fed interest rate meeting was interpreted by the market as relatively hawkish, causing the dollar and U.
S.
Treasury yields to rise sharply, but because the current high crude oil prices have driven the non-ferrous sector to maintain relative stability, coupled with the current copper inventories are still at a relatively low level, it is expected that copper prices will remain volatile before
the holiday.