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Copper market afternoon commentary: China's steady growth policy continued to improve to boost the market, overnight London copper closed up $21; Domestic Shanghai copper inventories continue to increase slightly, and downstream consumption expectations after the holiday are still weak, and copper is expected to fall
slightly today.
In terms of news, the G7 finance ministers stated that they are ready to collectively impose economic and financial sanctions
on Russia.
Fed Bullard expects GDP to grow by 3.
5%-4%
this year.
Japan's fourth-quarter GDP grew at an annualized rate of 5.
4% versus an estimate of 6.
0%.
The Russia-Ukraine conflict continued to ferment overnight, market risk aversion pushed the dollar higher, non-ferrous metals rushed back down, and most fell
in the evening.
Overnight, London copper rushed back to close Xiaoyang, closing at $9851, and U.
S.
copper opened
slightly higher today.
Shanghai copper opened low in the night, bottomed out to close the doji, closing at 71130
.
Shanghai copper trading positions are declining, and market sentiment is biased towards wait-and-see
.
Domestic spot demand is still general, macro fundamentals are basically neutral, and copper prices may return to the medium-term range-bound market
.
Shanghai copper upper pressure 73000, lower support 70000
.
International copper premium expanded slightly to 616 points compared with Shanghai copper, and the external trend was slightly stronger than that of the internal disk
.
