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Overnight metal internal trading is mixed, Shanghai copper main 04 contract after the opening around 71110 yuan / ton briefly sorted, then the plate pulled up, touched 71380 yuan / ton after a slight fall and around 71230 yuan / ton narrow range of shock sorting, around 11 o'clock the plate fell slightly again to around 71150 yuan / ton, the afternoon opening test of 71230 yuan / ton after a fall, the end of the Shanghai copper slightly up 0.
13%.
The dollar fell
slightly as demand for safe-haven currencies weakened.
In terms of crude oil, crude oil continued to rise
as the risk of deterioration of the geopolitical situation in Russia and Ukraine intensified, and Western countries imposed sanctions on Russia.
In terms of news, a White House spokesman said that the meeting between US President Joe Biden and Russian President Putin has been confirmed to be canceled
.
In addition, US Secretary of State Antony Blinken announced the cancellation of the meeting with Russian Foreign Minister Sergei Lavrov scheduled for Geneva on the 24th, saying that there is no need to hold a meeting with Russian Foreign Minister Sergei Lavrov now
.
The European Union and the United Kingdom have already announced preliminary sanctions against Moscow, and Biden has also announced the first sanctions, including sanctions on Russian sovereign debt
.
From a fundamental point of view, in terms of Shanghai copper, 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, Shanghai copper continues to decline
.
In South China copper, inventories in Guangdong returned over the weekend, but the increase was 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.
01 million tons to 74,500 tons, and SHFE slightly destocked 0.
06 million tons to 69,200 tons
.
In terms of imports, the import window continued to close, LME0-3 maintained its Back structure, and market trading continued to maintain low activity
.
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
.
