May 13 copper market morning review

On Wednesday evening, it was announced that the US CPI in April rose 4.
2% year-on-year, significantly exceeding the previous market expectation of 3.
6% and the highest growth rate since September 2008
.
After the release of the data, the dollar rebounded, gold short-term killing, the market fears that excessive inflation will hinder Biden's stimulus policy and bring the Fed's monetary policy contraction early
.

On the spot side, the term contango structure led traders to buy and sell more
.
In addition, the import loss is at a relatively low level, and the phased suppression of import demand is not conducive to the short-term performance
of prices.
In terms of industry, domestic refineries are overhauled centrally, and the supply side may be tight; Spot market transactions are average, but the expectation of destocking is still there
.
Technically, Shanghai copper is in a narrow range of 75,000 to 70,000, waiting for the direction to be clear
.