Internal metals continue to weaken, and Shanghai copper fell slightly

On the macro front, with the Fed's interest rate decision approaching and the market's expectations for the Fed to raise interest rates relatively high, U.
S.
Treasury yields have shown a sharp upward trend
.
In addition, the current new crown epidemic seems to have a fierce counterattack again, so the impact of the market on the demand side needs to continue to be paid attention to
.

Fundamentally, change is relatively limited
.
Copper concentrate TC continues to rise, mainly affected by the maintenance and production reduction of domestic smelters, and TC may further rise
in the short term.
In terms of refined copper, domestic electrolytic copper production in February 2022 is expected to be 887,400 tons, an increase of 7.
4% year-on-year and 1.
7% month-on-month, basically in line with expectations
.
On the demand side, the operating rate of fine copper rod was 66.
26% last week, up 4.
3%
month-on-month.
Electrolytic copper rod consumption continued to improve, enterprise finished product inventories declined, gold three silver four, is expected to continue to recover this week
.

In terms of stocks, LME stocks were at 78,000 tonnes, up 03,800 tonnes from the previous day, and SHFE accumulated 0.
07 million tonnes to 65,300 tonnes
.
Overall, the market's concerns about inflation still exist at present, which is still more favorable for copper prices, but due to the approach of the Fed's interest rate decision, it is recommended that the operation of copper varieties is still mainly wait-and-see
.