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On Monday morning, the main 03 contract of Shanghai copper opened at 71500 yuan / ton and then fell to 71250 yuan / ton
.
Then the market rebounded, respectively tested 71560 yuan / ton and 71610 yuan / ton mark, near the lunch market close, the market fell slightly, and closed at 71480 yuan / ton
at midday.
In the afternoon, the opening long position reduction market fell all the way, touching the low of 71230 yuan / ton, the short position reduction plate rebounded, rising to 71400 yuan / ton at about 14:30 fell slightly, but the end of the day rose again, and finally closed at 71460 yuan / ton
.
On the macro front, Russia-Ukraine tensions continue to heat up, the hope of the "general meeting" peace talks that was previously pinned on high hopes by the market is gradually fading, market risk aversion is heating up, and European stocks and U.
S.
stock futures are falling
.
Russian stocks posted their biggest intraday decline since the 2008 global financial crisis, and the ruble fell
for the third day in a row.
From a fundamental point of view, in terms of Shanghai copper, the downstream resumption of production continues to be slow, coupled with the continuous fermentation of the epidemic in Suzhou, Nantong and other places, which has also made consumption worse, and when consumption is less than expected, Shanghai copper continues to decline
.
In South China copper, inventories in Guangdong returned over the weekend, but the increase was much smaller than on previous Mondays
.
Poor downstream consumption and active shipments by cargo holders, South China's copper premium showed a continuous downward trend
.
In terms of stocks, the LME slightly accumulated 0.
07 million tons to 74,400 tons, and SHFE slightly destocked 006000 tons to 69,800 tons
.
In terms of imports, the import window continued to close, LME0-3 maintained its Back structure, and market trading continued to maintain low activity
.
Overall, the market risk aversion has further heated up, and poor consumption has dragged down the performance of copper prices, and the current copper price has maintained a wide range of fluctuations on one side
.
