Spot supply and demand are weak The support is still strong under the low inventory of the copper market

Copper prices fell slightly at the end of last week
.
In the market, the Shanghai copper premium fell back to 150 yuan
on Friday.
Due to the sharp fluctuations in the premium of the two cities, the spot import profit last week was only short-lived, the premium of bonded warehouse receipts fell back to $90, and the delay in imports affected by the rebound of the epidemic was still large, and the supply and demand pattern
was weak.
It is estimated that due to the impact of domestic warehouse reduction at the end of the year, the import market will remain light
.

Last week, copper prices fell slightly, the downstream maintained a small replenishment strategy of bargain hunting, scrap copper merchants sold at low prices, the price difference of fine scrap narrowed to 1300 yuan, the price advantage of fine copper rods on scrap copper rods expanded, and the demand for refined copper was slightly stimulated, but the overall demand was still flat
.

In terms of inventories, the Shanghai Stock Exchange fell by 5,700 tons on Friday, bringing the total inventory to 36,000 tons
.
LME inventory increased slightly, with a total inventory of 78,000 tons, a registered increase of 70,000 tons, and a write-off of warehouse receipts of only 8,000 tons, accounting for 10%, greatly easing the pressure of crowding, and the spot premium fell back to $
70.
However, total stocks were still down 10,000 tonnes last week, and total stocks in November were down 100,000 tonnes from October, continuing to hit a new low
.

In terms of news, Minmetals reported that the Las Bas mine, which continues to be blocked by community residents, will stop production
in mid-December.
Due to the current increase in mine production, it is estimated that the concentrate supply and processing fees will not be affected for the time being, but this may also be a microcosm
of Peru's plan to increase mineral taxes and the adverse local operating environment affect the confidence of mining companies to invest in the future.

At present, the domestic RRR cut and the rebound of economic data have repaired macro sentiment, spot supply and demand are weak, and the support is still strong under extremely low inventory, but the price rebounds slightly and the premium falls sharply, and it is estimated that with the deepening of the off-season, the support will move
down.
Above 71000, it is clearly visible that demand is extremely weak, which is the main pressure area at the end of the year, and the rebound is short
.