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Due to the disruption caused by the Russia-Ukraine conflict and rising energy prices, which raised concerns about supply shortages, the outer metal rose sharply intraday, with London copper rising the least at 1.
55%.
The inner metal followed the outer disk to rise synchronously, and Shanghai copper and Shanghai aluminum recorded red across the board
.
On the macro front, Fed officials have been hawkish lately
.
However, this situation has also greatly reduced the market's confidence in the soft landing of the US economy, and the risk of inversion of long-term and short-end US Treasury yields has increased
.
In addition, crude oil prices moved higher
again yesterday.
Russia will sell energy to unfriendly countries using rubles, natural gas and other energy prices should rise sharply, on the other hand, London nickel bottoming out and rebounding up limit also brings positive resonance to non-ferrous metals, intraday Shanghai copper attention to the pressure around 74,000, or there is a test to be strong
.
On the supply side, copper concentrate TC continues to rise, the impact of domestic smelter maintenance and production reduction continues to ferment, and the interference on the demand side may promote TC to continue to rise in the short term
.
On the demand side, the operating rate of fine copper rod last week was 63.
36%, down 2.
9%
from the previous month.
The impact of the domestic epidemic on the consumer side is obvious
.
In terms of stocks, LME stocks were at 80,000 mt, down 0.
01 mt from the previous session, and SHFE was down 02,700 mt to 53,600 mt
.
Overall, the Fed's interest rate hike has landed, the current negotiations between Russia and Ukraine have not yet been finalized, and the domestic epidemic has impacted both supply and demand, and multiple factors have added uncertainty
to the current copper price.
Last Friday night, the LME recommended banning Russian copper from warehouses, and the short-term copper price volatility may increase
.
However, in the context of stable domestic growth, if the epidemic is effectively controlled, the recovery of consumption will play a role in promoting the rise in copper prices, and it is recommended to treat
it with caution.
