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On Monday, Shanghai copper ran weakly, the main monthly 2207 contract opened at 72300 yuan / ton, and the daily close was 71720 yuan / ton, down 810 yuan / ton, down 1.
12%.
The explosion of inflation in the United States and the market's concerns about the sluggish global economic growth pushed the US dollar sharply higher, Shanghai copper came under pressure downward, coupled with the domestic demand side is still weak, the rebound of Shanghai copper inventories has weakened the support for copper prices, and the center of gravity of Shanghai copper has shifted
downward.
On the macro front, as the Fed interest rate meeting approaches, the market may raise interest rates by the Fed more than previously expected by 50bps, reaching 75bps, especially after the May CPI data released on Friday once again recorded a new 40-year high, and under the influence of such expectations, the dollar broke through the 105 mark in one fell swoop, and copper prices came under pressure
.
On the supply side, MMG's Las Bambas reached a 30-day "truce" agreement (June 15-July 15) with the community in exchange for a new round of negotiations, according to Mysteel, and the mine has been suspended for nearly two months
since it suspended operations on April 20.
Operations and copper concentrate transportation at Las Bambas gradually resumed
on June 11.
The Peruvian government has set up an interim working group to track the agreement
reached between Chinese mining company MMG and indigenous communities protesting its Las Bambas copper mine.
Working groups must be formed within the next 10 days, valid for 60 days from the date of establishment, and six groups must also be established to implement specific agreements related to each community to participate in negotiations
.
In terms of consumption, although the Shanghai area has been unblocked, the epidemic still has repeated situations, and in the first half of last week, copper prices strengthened relatively significantly, making downstream procurement cautious
.
In terms of terminals, the current performance of the electronics and power sectors may be relatively polite, but the performance of the real estate sector is still poor, and the landing of various subsequent support policies will be the focus
of the market.
In terms of stocks, LME stocks rose 0.
02 million tonnes to 118,000 tonnes
yesterday.
SHFE stocks rose 0.
06 million tonnes to 09,400 tonnes
.
Overall, the current market has optimistic expectations for good demand, but the reality is still slightly weak
.
At the same time, on the macro side, inflation is still high under the Fed's hawkish tightening of money, which makes the market more worried about the future economic outlook, which is also relatively unfavorable for the demand outlook for copper, but on the other hand, the continued high inflation has a certain boost effect on commodities, so the macro factor is currently relatively complex
.
This week, as it coincides with the Fed's interest rate meeting, it is temporarily treated with relative caution
.
