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February 17 Shanghai copper brief commentary

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

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Today's Shanghai copper maintained a volatile market, affected by geopolitics during the day once fluctuated sharply, as of the close of the day Shanghai copper main 2203 contract closed at 71160, down 200, or 0.
28%.

Shanghai copper

The geopolitical conflict between Ukraine and Russia is severe, and the attack in Ukraine once stimulated market risk aversion, raising the US index to suppress copper prices at noon, and the subsequent market's expectations of war weakened, and copper prices returned to the shock range
.

At present, fundamentals, the global copper low inventory pattern continues, the demand side has not yet had obvious data, fundamentals bring support but limited momentum, copper prices are mainly guided by the US index and news, the number of U.
S.
jobless claims data in the evening fell to, near the March Fed interest rate hike is imminent, each news may have a blow to copper prices, it is recommended to continue to pay attention to changes in unemployment and inflation data in Russia, Ukraine and the United States
.
Shanghai copper mainly focuses on around 7-71,500, operationally, the cargo merchant mainly ships, and the downstream just needs to take the goods
.

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