Summary of SMM Morning Meeting: Japan Escapes Negative Interest Rate Era, US Dollar Index Rebounds Against the Trend, Copper under Pressure
On the macro front, the US March New York Fed's one-year inflation expectations recorded 3%, which is bullish for copper prices. At the same time, the large domestic smelters will undergo maintenance in April, coinciding with the seasonal recovery in consumption, coupled with the implementation of favorable domestic policies, which have a certain stimulating effect on copper prices.
Looking at the fundamentals, from the supply side, a certain amount of imported copper flowed in during the Qingming holiday period. On the demand side, with copper prices hitting highs again, downstream replenishment desire remains relatively weak, with only a small amount of downstream companies increasing their inventories due to fear of high prices, overall consumption remains weak.
As of Monday, April 8th, mainstream copper inventories in major regions across the country increased by 13,500 tons to 401,500 tons compared to before the holiday, reaching a new high for the year.
Overall, considering the driving forces of macroeconomics and market sentiment, it is expected that copper prices are likely to rise but difficult to fall, with still some room for upward movement.
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