美国经济数据良莠不齐 外盘铜价先抑后扬【五一外盘综述】

Economic Data Overview - The U.S. economic data released during the holiday period showed mixed results, with weak GDP and manufacturing data initially clouding growth prospects [2] - The U.S. Q1 GDP preliminary value declined by 0.3%, contrary to the expected growth of 0.3% [2] - The U.S. April ISM Manufacturing PMI fell to 48.7, the lowest since November 2024, but was above the market expectation of 48 [2] - U.S. non-farm payrolls added 177,000 jobs in April, exceeding expectations, while the unemployment rate remained stable at 4.2% [2] Copper Market Dynamics - Chile's copper production in March increased by 9.1% year-on-year, with a significant month-on-month rise of 20%, reaching 477,049 tons [3] - Domestic demand for refined copper remains strong, leading to a decrease in domestic refined copper social inventory compared to the previous year [3] - LME copper inventory has been declining, currently around 197,300 tons, while COMEX copper inventory has been accumulating, reaching 152,616 tons as of May 5 [4] Trade and Market Sentiment - Global trade tensions show signs of easing, although uncertainties regarding U.S. tariff policies persist [2] - The market sentiment improved slightly due to better-than-expected employment and inflation data, alleviating some recession fears [2] - LME copper prices experienced fluctuations, with a notable drop of over 3% on April 30, marking the largest monthly decline since June 2022 [5]