May 25 copper market morning review

Copper prices first fell and then rose
on Monday.
On the macro front, the role of last week's National Assembly meeting was fully released, the market turned its attention to US policy, US Treasury yields fell, and the market preferred that the Federal Reserve will stick to the current easing policy, which supported the copper market
.
Back in the copper market, copper inventories both domestic and foreign fell on Monday, and policy risks in Chile and Peru remained copper market support
.

On the macro front, the Fed's stance remains dovish, but loose liquidity will gradually strengthen market expectations
for interest rate hikes.
China's National Development and Reform Commission and other five departments interviewed raw material manufacturers and said that they would closely track the trend of commodity prices, which stimulated the market's expectations
for policy regulation.
South American copper mine production has not fully recovered, and the government may raise mining taxes; The accelerated issuance of special bonds in the second quarter will drive the rebound of infrastructure investment; At present, real estate is in a high boom cycle of completion, which has a greater impetus
for copper demand.

Overall, the supply and demand side support is strong, but the macro is still the biggest fundamental at present, and the recent market evaluation stage of domestic policy strength recommends investors to continue to maintain a cautious attitude
.