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Copper market morning comment: The main contract of Shanghai copper stopped falling on Tuesday after over-falling on Monday, and finally closed above
73,000 yuan per ton.
The spot price fell significantly, and the spot premium fell from 400 yuan per ton to 300 yuan per ton.
Fundamentally, Zambian President Hakainde Hichilema said on Monday that the Zambian government is close to seeking private investors for the Mopani copper mine to boost production
at one of the country's largest mines.
Zambia acquired Mopani from Glencore in January 2021 and has since been looking for new investors for the mine, which requires significant investment to ramp up production
.
China's overseas copper mine investment has been increasing in recent years, which provides an opportunity
for enterprises like Zijin Mining.
At the macro level, there is still not much news flowing out, investors' sentiment is more pessimistic, and the expectation of economic downturn is more obvious
.
In summary, the expected strengthening of the Fed's interest rate hike prospect and the soaring US dollar once suppressed market confidence, coupled with the repeated domestic epidemic, the difficulty of prevention and control was fully shown, the overall bearish atmosphere accumulated, and copper prices continued to weaken under pressure
.
However, the domestic central bank actively lowered the foreign exchange deposit reserve ratio from the current 9% to 8%, releasing a strong signal of stable exchange rate expectations, and domestic spot is tight, inventories are at a low level, and pre-holiday stocking is expected to recover to support copper prices
.
