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Shanghai copper opened lower today, and the latest opening price of the Shanghai copper 2205 contract was 74540 yuan / ton, down 620 yuan
.
Global economic growth is less than expected, the International Monetary Fund has lowered this by nearly one percentage point, limiting the rise of metals, due to the continued impact of the epidemic, domestic spot fear of heights still exists, demand is still light, buyers are not eager to purchase, mainly wait and see strategy
.
In terms of news, the situation in Russia and Ukraine is still scorching, Western countries are planning to introduce new sanctions, and Russia's oil and gas production is facing a decline in the situation, exacerbating the risk of inflation; However, the possibility of the Fed accelerating the pace of tightening has increased, and expectations of tightening liquidity have supported a sharp strengthening of the dollar index
.
In terms of fundamentals, the supply of upstream copper ore showed a growth trend, the supply of copper ore improved compared with the previous period, and the supply of raw materials for smelters was basically sufficient; At present, refinery scheduling enthusiasm is high, refined copper production is expected to remain high, but high operating rate will also limit the future market increment
.
Recently, domestic inventories have shown a downward trend, optimistic about future consumption, but the short-term high copper prices have weakened the willingness to purchase downstream, and copper prices are expected to rise
.
