External uncertainty remains strong Shanghai copper is still fluctuating in the range

On the macro front, the global energy crisis is intensifying, the market's expectations for US inflation are rising, and the Fed's tightening of monetary policy may be approaching; Affected by the dual control policy of energy consumption, the lack of domestic power supply has led to a decline in the operating rate of copper processing enterprises, and the shortage of market supply is still there
.

In terms of the market, the spot market traded moderately, and the premium fell by 25 yuan/ton
from the previous trading day.
The fourth batch of national reserve auctions ended, and the enthusiasm for downstream procurement was weak; In the second period, middlemen began to reduce premium shipments, the mainstream transaction of flat water copper was around 280 yuan, good copper high premium water is difficult to maintain with the downward adjustment, and the flat water copper price difference narrowed, the lowest heard rise below 300 is reported, the overall transaction activity is weak
.

At the fourth round of auctions this year, held on Saturday, a total of 150,000 tons of industrial metals were sold, including 30,000 tons of copper, 50,000 tons of zinc and 70,000 tons of aluminum
.
Each volume ranges from 100 to 250 tons
.
This year, China has put 570,000 tonnes of its reserve metal inventory
on the market through four rounds of auctions.
China is the world's
number one consumer of metals.
The Central Reserve Bureau issued a statement after the auction saying that it will continue to release national reserve inventory
according to market supply and demand and price conditions in the future.