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Copper market early comment: Shanghai copper main futures contract fell slightly on Monday, spot premium 165 yuan per ton, unchanged from last Friday, refined waste spread maintained at more than 5,000 yuan per ton, still no sign of
falling.
On the macro front, China's PPI rose 8.
3% year-on-year in March, and CPI rose 1.
5% year-on-year, unchanged
from the previous month.
The National Bureau of Statistics said that affected by the multi-point spread of the domestic epidemic, the price of vegetables and meat rose more obviously, from the national point of view, the production of key livelihood commodities remained stable, and it was currently greatly affected by transportation, and the future price increase space was limited
.
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.
Overall, macro policies may continue to maintain stability, investors' attention may still focus on the situation in Russia and Ukraine, and the enhancement of the willingness of midstream and downstream enterprises to purchase will continue to support copper prices in the short term, but weak economic growth in the medium and long term and tightening monetary policy and tightening monetary policy are still the resistance
to copper prices.
