Macro positive superimposed low inventory Shanghai copper's strong posture continues

On the macro front, Fed Chairman Jerome Powell said that the Fed may slow the pace of interest rate hikes "as soon as December", the dollar index is under pressure to the downside, risk assets are generally stronger, and Shanghai copper is
boosted.
The focus remains on the macro side, with Fed Chairman Jerome Powell reiterating comments in the evening that he may slow the pace of interest rate hikes, which also raised market optimism again
.
Macro positives supported copper prices to continue to rise
.
In the future, it is a foreseeable expectation that the Fed's rate hike speed has entered an inflection point, the macro environment is slowly improving, and the future expectation is optimistic
.

In terms of the market, the trading atmosphere of the spot market is generally performing, the holders are actively shipping at high prices, the downstream procurement enthusiasm is not enthusiastic enough, and the transaction generally tends to be flat
.
Shanghai metal network 1# electrolytic copper quotation 66330-66430 yuan / ton, the average price of 66380 yuan / ton, compared with the previous trading day
.
It rose 1090 yuan / ton, and the Shanghai copper 2212 contract rose 360-420 yuan / ton
.
The spot market transaction was weak, and the premium increased by 35 yuan/ton
from the previous day.
The rise in copper prices has suppressed consumer sentiment, and downstream demand is mainly on-demand, and procurement volume is limited
.
Entering the end of the year, the activity of the domestic trade market further declined, the market circulation of flat water copper is relatively more, the market generally reported flat water copper rose 360 yuan level, the transaction was relatively concentrated, the reported volume from the second period was scarce, flat water copper was raised to 380 yuan or more quotation, the transaction volume decreased
significantly.
The supply of good copper is scarce, the premium remains above 400 yuan, the mainstream liter is about 410 yuan sold, and wet copper is scarce
.

On the news front, Chile's copper output in October 2022 rose 10.
5% month-on-month to 485447 tonnes, up 2.
2% year-on-year, the first year-on-year increase
since July 2021.
At present, the domestic copper concentrate processing fee is high, and next year's long-term single processing fee is also significantly higher than last year, and the smelter's profit is better, but the cold material crude copper and other industries are tight, and the transportation is hindered and other reasons limit the release
of refined copper production.
At present, the inventory of Shanghai copper warehouse receipts has been declining, and LME copper stocks have also declined, and low inventories still provide support
for copper prices.