November 15 copper market morning review

In terms of stocks, LME copper stocks were 100,300 tons, down 22,300 tons from last week; Copper stocks in the previous period increased by 555 tonnes to 38,037 tonnes; The warehouse of Shanghai Free Trade Zone was 177,000 tons, a decrease of 5,000 tons
.

On the macro front, Taper landed as scheduled, and the Fed's inflation data recorded the largest increase in 31 years, making the market expect the Fed to raise interest rates in advance, and the dollar rose; There are signs of easing in Sino-US relations; Domestic real estate concerns eased and market sentiment improved
.

On the supply side, the recovery of TC slowed down, and the power limit disturbance was eliminated, but the weather affected the transportation of refined copper; The price spread of refined scrap is low, and the willingness of scrap copper merchants to ship has fallen
.
On the demand side, domestic inventories are at a low level, and the premium has rebounded at a low level, showing the resilience
of demand.
Overseas inventories are down, and spot premiums remain high
.