Affected by uncertainties, copper prices still maintain a volatile pattern

On the macro front, the situation between Russia and Ukraine has developed to the most dangerous point, and Moscow has ordered the army to invade Ukraine
.
Affected by the escalation of the situation in Russia and Ukraine, the European benchmark natural gas price rose by more than 50%.

Ukraine is another major route for Russian gas exports to Europe, and it is not clear whether the decline in gas flows is related to
developments in Ukraine.
The pipeline, which connects Poland and Germany, typically accounts for about
15 percent of Russia's westbound gas supply to Europe and Turkey.
This also makes the current level of inflation even more difficult to control
.

From a fundamental point of view, the downstream resumption of production continues to be slow, coupled with the continuous fermentation of the epidemic in Suzhou, Nantong and other places, which has also made consumption worse, and when consumption is less than expected, the Shanghai copper discount continues to decline
.
In South China copper, Guangdong inventories have accumulated again since returning last weekend, but the increase is much smaller than on previous Mondays
.
Poor downstream consumption and active shipments by cargo holders, South China's copper premium showed a continuous downward trend
.

In terms of stocks, the LME slightly accumulated 0.
05 million tons to 74,800 tons, and SHFE slightly accumulated 0.
07 million tons to 70,800 tons
.
On the import side, the import window continued to close, and market trading continued to remain low
.

Overall, the market risk aversion has further heated up, and poor consumption has dragged down the performance of copper prices, and the current copper price has maintained a wide range of fluctuations on one side
.