Geopolitics affects market confidence Shanghai copper fell slightly

Today's Shanghai copper shock downward, the overall amplitude is small but weak obvious, as of the end of the day closed Shanghai copper main force 2204 closed at 71090, down 450, down 0.
63%.

On the macro front, Russia-Ukraine tensions continue to heat up, the hope of the "general meeting" peace talks that was previously pinned on high hopes by the market is gradually fading, market risk aversion is heating up, and European stocks and U.
S.
stock futures are falling
.
Russian stocks posted their biggest intraday decline since the 2008 global financial crisis, and the ruble fell
for the third day in a row.

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
.

The geopolitical pattern affects the confidence of market investors, except for copper, other non-ferrous metals are affected by the conflict, and the supply is expected to be strong, but the copper main is weakly affected by the US index and other surrounding markets, and the night trading is concerned about the situation in Ukraine and Russia if there is a possibility of suspended, the main force around 71,000 or a slight rebound
.
Operationally, the downstream just needs to purchase, and traders are cautious and wait-and-see
.