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European and American stock markets rose sharply overnight, crude oil fell by more than 12% at a high level, while major exchanges introduced regulatory measures, and non-ferrous metals generally pulled back
.
Yesterday, metal futures closed down across the board except for the suspension of trading in London nickel and Shanghai nickel, and the main 2204 contract range of Shanghai copper was mainly weak and volatile, overall, the external market had risen much more and fell more
than the internal market.
In terms of news, the US dollar closed sharply down yesterday due to the cooling of the situation in Russia and Ukraine, and stopped falling slightly this morning
.
Crude oil fell sharply yesterday on the news that the United Arab Emirates called for OPEC+ to accelerate production increases, but crude oil fluctuated
slightly this morning as OPEC+ subsequently clarified.
On the macro front, Ukrainian President Volodymyr Zelensky reiterated his willingness to consider some compromises to end the war
with Russia.
This has largely eased the market's demand for risk aversion and boosted risk sentiment
.
However, for now
, we need to continue to watch whether the US yield curve will invert.
Fundamentally, change is relatively limited
.
On the supply side, copper concentrate TC continues to rise, the current situation in Russia and Ukraine has not affected copper concentrate transportation for the time being, and the supply side continues to maintain stability
.
On the demand side, the operating rate of fine copper rods was 61.
96% last week, up 3.
61%
month-on-month.
Consumption has begun to pick up recently, and with the warmer weather, the expectation of gold and silver has been strengthened
.
In terms of stocks, the LME rose by 22,800 tonnes and 71,900 tonnes, and SHFE destocked by 01,100 tonnes to 74,600 tonnes
.
Overall, the market's concerns about inflation still exist at present, which is still favorable for copper prices, and it is recommended that the operation of copper varieties is still treated with caution.
