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Copper market morning comment: Shanghai copper main futures contract stabilized around 73,500 yuan per ton last week, and the spot premium fluctuated greatly, mainly because the spot transaction was relatively light and the sample size was insufficient
.
In the advanced data, the refined waste spread remained above 5,000 yuan per ton, still showing no signs of falling, TC/RC continued to rise, while the volatility of the 20-day copper price fell sharply
.
Copper prices remained largely stable
in just three trading days last week.
On the macro front, the Fed minutes show that the Fed believes it may be appropriate to reduce the asset ceiling by $95 billion per month, and the process could begin as early as May; Many Fed officials have said one or more 50 basis point
rate hikes may be required.
According to this judgment, the Fed may accelerate the tightening of monetary policy
in May.
Fundamentally, the disruption of the epidemic to copper processing enterprises in Jiangsu, Zhejiang and Shanghai may curb the rise in copper prices in the short term, but the strength is limited
.
The acceptance of copper prices by real enterprises is still above 70,000, providing support
for copper prices below.
In the coming week, macro policies may continue to remain stable, investors' attention may still focus on the situation in Russia and Ukraine, and the strengthening of the willingness of midstream and downstream enterprises to purchase in the short term will continue to provide support for copper prices, but weak economic growth in the medium and long term and tightening of monetary policy and tightening monetary policy are still resistance
to copper prices.
