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April 22 Copper Market Morning Review

 Last Update: 2022-12-24
 Source: Internet
 Author: User

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Copper market morning comment: Affected by the macro bearish, the main Shanghai copper futures contract continued to come under pressure on Thursday, closing at around
74,500 yuan per ton.
According to the latest World Economic Outlook report released by the International Monetary Fund (IMF), affected by the conflict between Russia and Ukraine, the institution lowered its global economic growth forecast for 2022 to 3.
6% on April 19, 0.
8 percentage points
lower than its January forecast.

Copper City

Fundamentals, the latest report released by the World Metal Statistics Bureau (WBMS) on Wednesday showed a shortfall of 83,000 tons in the global copper market in January-February 2022, compared with a shortfall of 479,000 tons
for the whole of 2021.
Copper production in January-February 2022 was 3.
44 million tons, a year-on-year increase of 2.
8%; Refined copper production from January to February was 4 million tons, up 0.
7%
year-on-year.
Copper consumption in January-February 2022 was 4.
081 million tons, a year-on-year increase of 4.
7%.

China's copper consumption in January-February 2022 was 2.
14 million tons, a year-on-year increase of 3.
3%.

According to CaiLian News Agency, on Wednesday (April 20), local time, Peruvian Prime Minister Torres said that the country will declare a state of
emergency near the Cuajone copper mine owned by Southern Copper Company.
On February 28, residents of communities near the Cuajone copper mine cut off water supplies to the mine, demanding financial compensation and a share in future profits, after the Cuajone copper mine suspended operations
.
Nationwide protests have hit large copper mines and disrupted 20% of the
country's copper production.
Strategically, it is recommended to take a light short position on far month contracts
.

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