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March 4 Copper Market Morning Review

 Last Update: 2022-12-24
 Source: Internet
 Author: User

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Copper market morning comment: The entire commodity rose on Thursday, the main Shanghai copper futures contract rose 2.
13% to more than 73,000 yuan per ton, spot rose slightly, and the price difference between refined waste was further widened
.
The main reason for the rise in copper prices is the rise in risk aversion, because copper's financial attributes are strongest within non-ferrous metals, and investors are more inclined to hedge
under the Russian-Ukrainian geopolitics.
In addition, there is not much information on the fundamentals, and a small premium on the spot side does not prove the recovery
of copper demand.

Copper City

According to the latest quarterly report of Codelco, the world's largest copper supplier, Chile's state-owned mining company, Codelco's copper production in 2021 was 1.
728 million tons, the same
as the output of 1.
727 million tons in 2020.
This includes 1.
618 million tonnes of copper from Codelco's own mine, 110,000 tonnes from Freeport's El Abra copper mine and 110,000 tonnes
from AngloAmerican Sur.
Codelco's copper production in Q4 2021 was 443,000 mt, down 8.
5% year-on-year and up 6.
8%
month-on-month.
Codelco's pre-tax profit reached $7.
4 billion in 2021, up from $2.
1 billion
in 2020, thanks to higher global copper prices.

Considering the impact of medium- and long-term monetary policy and weaker economic growth expectations, copper prices may fall
downward.

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