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Copper market morning comment: London copper fell slightly yesterday, and the main contract of Shanghai copper closed lower
overnight.
Macro-level, there are still differences within the Fed on the magnitude of interest rate hikes recently, and some officials hope to slow down the pace, but considering high inflation and mid-term elections, the hawkish path is difficult to change; Domestically, after the important meeting, it is expected to return to the path of stimulating economic development, pay attention to follow-up domestic policy guidance, and are still in a weak recovery pattern
.
On the supply side, TC continued to rise month-on-month, and copper mine supply was not tight; The smelting increase in September was relatively fast, and it is estimated that there will still be an increase in October, but the interference of crude copper tension still exists; The import window continues to open, but the import supply is still limited
.
Domestic demand, weak consumption, price and monthly difference limit the downstream willingness to take goods, and the widening of the refined waste price difference is not conducive to refined copper consumption
.
Domestic inventories fell month-on-month, and spot was still tight, wary of November contract delivery risks
.
Macro sentiment is repeated, spot is still tight, and the stalemate continues in the short term
.