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Inside metals closed down across the board yesterday, Shanghai copper fell nearly 2%, and outside metals, London Metal Exchange (LME) industrial metals tumbled on Monday, concerns about demand from China, the largest consumer, triggered a sell-off, exacerbated by expectations of sharp interest rate hikes in the United States and a sharp rise in the dollar, with London copper falling 2.
71%.
On the macro front, the Fed's recent rhetoric on sharply raising interest rates to curb inflation has become increasingly hawkish, and the dollar is now being more sought after, with the dollar index continuing to hit a new high yesterday, touching the 101.
80 line
.
The sharp strengthening of the US dollar has put significant pressure on the prices of colored varieties
.
On the supply side, domestic copper mine TC continued to rise, supply-side disruption rate increased, Peru's Las Bambas copper mine interrupted operations due to road blockages, Peru's Cuajone copper mine has not resumed production, and this week the Peruvian government declared a state of emergency to resume its operations
as soon as possible.
On the demand side, the operating rate of fine copper rods this week was 55.
58%, up 4.
65%
from the previous month.
With the inflection point of the epidemic in Shanghai, enterprises have entered the stage of resuming work and production in an orderly manner, and next week is the last week of April, if logistics and transportation continue to recover, enterprises that have stopped production due to raw material shortages may be cleared next week
.
In terms of stocks, LME stocks fell by 0.
05 million tonnes to 137,300 tonnes and SHFE stocks fell by 04,400 tonnes to 37,400 tonnes
.
On the whole, currently affected by the epidemic, the pattern of weak supply and demand is obvious
.
And the current continued rise of the dollar has an adverse impact
on copper prices.
Therefore, copper prices may remain volatile until the Fed's interest rate decision in May
.
