Internal metals closed up across the board, and Shanghai copper closed higher

On the macro front, Putin said yesterday that European gas supplies will be settled in rupees, triggering market concerns about supply and costs, natural gas prices rose by 34%, and commodity prices rose
.
Yesterday, data released by the United States showed that the number of jobless claims in the United States fell to its lowest level since 1969 last week, and strong economic data supported expectations of a sharp interest rate hike by the Federal Reserve, and the US stock market rose
.
On the other hand, due to the Russian-Ukrainian war and the current high level of inflation, commodities are relatively strong
.
In addition, the United States, as well as the European Union, are approaching an agreement aimed at reducing Europe's dependence on Russian energy in order to further isolate Russia and "punish" its military operations
in Ukraine.

In terms of the market, market participants are basically based on wait-and-see sentiment at the moment of the epidemic, and the downstream favor is not good, and the market transaction is rare
.
With the continuous rise of the external market, the import loss continues to expand, making it difficult to find a source of wet copper, but it is still difficult to see a large number of transactions in the market under weak consumption, and the overall premium is still reported to 80-120 yuan / ton deadlock
.

On the supply side, copper concentrate TC continues to rise, the impact of domestic smelter maintenance and production reduction continues to ferment, and the interference on the demand side may promote TC to continue to rise in the short term
.
On the demand side, the operating rate of fine copper rod last week was 63.
36%, down 2.
9%
from the previous month.
The impact of the domestic epidemic on the consumer side is obvious
.

In terms of stocks, LME stocks were at 80,700 mt, up 0.
07 million mt from the previous session, and SHFE fell 05,400 mt to 48,200 mt
.

Overall, the Fed's interest rate hike has landed, the current negotiations between Russia and Ukraine have not yet been finalized, and the domestic epidemic has impacted both supply and demand, and multiple factors have added uncertainty
to the current copper price.
Last Friday night, the LME recommended banning Russian copper from warehouses, and the short-term copper price volatility may increase
.
However, in the context of stable domestic growth, if the epidemic is effectively controlled, the recovery of consumption will play a role in promoting the rise in copper prices, and it is recommended to treat
it with caution.