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London copper rose slightly last week, and the main contract of Shanghai copper closed higher
.
LME copper stocks were 132,450 tonnes, up 7,775 tonnes from last week; Copper stocks in the previous period decreased by 20,744 tons to 180967 tons; The warehouse of Shanghai Free Trade Zone was 445,000 tons, an increase of 4,000 tons
.
On the macro front, China's social finance in May was lower than expected; The US CPI rose 5% year-on-year in May, and despite last week's US inflation data being higher than market expectations, the Fed's repeated emphasis on inflation as temporary calmed market sentiment
.
The economic recovery coupled with rising inflation has led markets to pay close attention to marginal changes
in policy.
On the supply side, TC continued to rise, refined copper production grew rapidly, imports also showed high growth rates, and supply showed signs of
easing conditions.
On the demand side, domestic inventories have declined, premiums have increased, and consumption margins have improved, but imports have suffered significant losses, tax premiums have fallen, and as the market enters the off-season, consumption is difficult to perform
.
At present, China's control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, and the next peak season destocking is likely to form a strong support for copper prices, maintaining the long-term bullish judgment
of copper prices.
