Since the end of July, 2065438+00, the refined copper market has begun to appear upside down, and this situation continues and expands. There are several reasons for this: 1. The market pricing of refined copper is still based on lme month. Since Morgan has gradually mastered more than half of LME registered copper warehouse receipts since the second half of last year, copper ETFs will also be listed in London from April to May today, and an empty pattern of refined copper market has been formed. 2. There has been an unprecedented monetary easing policy in the west, while in China, the high cpi leads to the contraction of monetary policy, which directly leads to the discount of copper prices.

The main factors are the above two aspects, of course, there are many other factors, so I won't go into details.