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Trade Service
Copper market morning comment: overnight copper prices are weak to sort out, and the market is generally
trading.
U.
S.
inflation data, exceeding market expectations, the Fed may raise interest rates violently in September, market tightening expectations have risen again, copper prices fell in response
.
In August, the impact of refined copper production restrictions on electricity production reduction was less than expected, domestic smelting enterprises basically came out of power rationing and maintenance in September, copper market inventories continued to be at a historical low, and there was no sign of accumulation, traders were in a strong mood, and spot premiums were at a high level
.
At the same time, the recent level of overseas copper inventory destocking and cancellation of warehouse receipts has strengthened the expectation of forced positions, and the back structure of LME copper has also expanded, with a 0-3 spot premium of $108/ton, a new high
for the year.
Downstream pre-holiday demand increased, domestic inventories fell slightly, it is expected that copper prices will fluctuate widely in the near future, and the 60,000 integer mark will be strongly supported
.
