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Copper market morning comment: The main Shanghai copper futures contract stopped falling on Wednesday and rose instead, making up for Tuesday's losses and closing above
72,000 yuan per ton.
The fundamentals have not changed much for the time being, and the refined waste spread is still stable at around
4500 yuan per ton.
In the future, copper prices will remain under greater pressure in the short term
.
On March 16, local time, Russian Foreign Minister Sergei Lavrov said that the talks between Russian and Ukrainian foreign ministers in Turkey will not replace the Russian-Ukrainian negotiations
opened in Belarus.
Ukrainian Foreign Minister Kuleba did not put forward any new proposals during the meeting, and the Russian-Ukrainian negotiations did not go smoothly, but the two sides hoped to reach a compromise
.
The Fed will hold an interest rate decision this week and raise interest rates by 25 basis points, but given the high inflation of 7.
9% in the United States in February, there is also a possibility
of a 50 basis point rate hike in the future.
For now, copper demand in the first half of 2022 is expected to be weak, the power grid may remain stable, and white goods may continue to come under pressure
.
Strategically, it is recommended to short the far month contract lightly, with a target of 68,000 yuan per ton
.
