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Shanghai copper was weak and volatile
this week.
The average weekly settlement price of the 2003 contract in the current month was 43616 yuan / ton, down 322 yuan / ton per day; The average price of the previous week was 45,072 yuan / ton, down 3.
23%
from the previous month.
Domestic copper market inventories continued to climb this week, increasing by 34,959 tons to 380085 tons, an increase of 10.
13%, and the cumulative increase in the last eight weeks reached 184.
23%.
In the external market, data showed that London copper fell this week
.
The average price of LME copper in the first four trading days was 5513 US dollars / ton, down 49 US dollars / ton per day; Last week's average price was 5676 US dollars / ton, down 2.
87%
from the previous month.
Domestically, data from the National Bureau of Statistics showed that China's CPI in February was 5.
2% annual, 5.
2% expected, and 5.
4% in the previous month; PPI -0.
4% y/y vs -0.
3% expected vs.
0.
1%
prior.
The CPI is still at a high level, and the gains have retreated
.
PPI declined slightly, while coal, steel and non-ferrous metal prices fell
steadily.
Internationally, the US reported slightly better than expected
both the headline and core CPI in February.
But with oil prices plunging and consumer demand shrinking, ING expects headline inflation in the U.
S.
to likely fall back into negative territory
.
In terms of the market, domestic spot copper prices fell sharply this week
.
The average price of copper in Yangtze River nonferrous metal network 1# was 43546 yuan / ton, down 406 yuan / ton per day, and down 4.
54% on the weekly line; The average price of the previous week was 44976 yuan / ton, down 1430 yuan / ton compared with last week, down 3.
18%
from the previous week.
Stocks, this week's London copper stocks continued to deteriorate, with a cumulative decrease of 16,575 metric tons to 183,700 metric tons, a cumulative decrease of 8.
28%.
The epidemic has become a new core risk point, disrupting global supply chains, dragging down the already weak global economy, crude oil price wars have caused risk assets to fall again, and institutions have lowered global economic growth forecasts
.
The market expects global central banks to start a new round of quantitative easing to release liquidity to stimulate economic recovery
.
The current risk is gradually clarifying, copper prices are basically testing the bottom, but the macro bearish atmosphere dominates the market, and copper prices are expected to be weak and volatile
next week.
