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February 17 Copper Market Morning Review

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

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Copper market morning comment: The main Shanghai copper futures contract edged up 0.
9% to 71,510 yuan a tonne on Wednesday, and spot premiums fell from 240 yuan a ton to 155 yuan a tonne
.
With macro and fundamentals broadly stable, copper prices may continue to struggle
around 70,000 yuan per ton.

Copper City

On the macro front, in January 2022, according to the National Bureau of Statistics, national consumer prices increased by 0.
9%
year-on-year.
Among them, urban increased by 1.
1%, rural increased by 0.
4%; Food prices fell by 3.
8% and non-food prices rose by 2.
0%; Consumer goods rose 0.
4 percent and services 1.
7 percent
.

Fundamentals, in 2021, Peruvian copper production increased by 7% to 2.
3 million tons
, despite several serious protests affecting production.
The country is the world's
second largest producer of copper after Chile.
According to the latest communiqué from Peru's Ministry of Energy and Mines, the country's gold and silver production increased by 9.
7% and 21.
5%
respectively in 2021.
From a short-term strategic point of view, in view of the continued low volatility, it is recommended to hold the currency on the sidelines
.

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