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Yesterday's Shanghai copper night trading narrow range, the latest closing price of the main month 2205 contract 73270 yuan / ton, down 290 yuan, down 0.
39%.
The domestic epidemic has not shown a significant turning point and continues to suppress the consumption side, affected by the epidemic, the supply of recycled copper continues to shrink, and the situation after the Qingming Festival has intensified
.
The epidemic situation in Shanghai is still serious, warehousing and logistics are prohibited from entering and leaving the warehouse, and the difference between electrolytic copper liter and water discount in the surrounding areas of Shanghai is gradually prominent
.
The situation in Russia and Ukraine has heated up in recent days, the core issue is difficult to solve in the short term, the hawkish speech of the Fed minutes exceeded expectations, indicating that there may be multiple 50 basis point interest rate hikes in the future, May is expected to officially announce the reduction of the balance sheet, the US dollar index is close to the 100 mark intraday, while the US bond yield has also risen all the way, London copper bias trend is weak, the latest closing quotation of 10300 US dollars / ton, slightly down 3 US dollars, down 0.
03%.
In terms of inventory, global explicit inventories are still at historical lows, but recent London copper inventories have increased to a new high of more than two months, and the copper in the previous period continued to destock last week, and after seven consecutive weeks of accumulation, it turned to four consecutive weeks of destocking, refreshing a
one-and-a-half-month low.
According to CCMN data, on April 7, the total stock of LME copper was reported at 101275 tons, up 6,350 tons, compared with 93,121 tons in the week of April 1, down 8,934 tons
.
In terms of supply and demand, copper concentrate processing fees have continued to rise recently, copper concentrate supply at home and abroad has maintained an adequate level, Chile's copper production in February decreased by 7% year-on-year, and foreign mines have been continuously disturbed by the situation in Russia and Ukraine, or further production reduction expectations have been made, or the supply chain
of related products will be affected again.
Downstream consumer demand is cold, high copper prices inhibit consumption, and the epidemic has formed a greater suppression effect on both supply and demand, and the market has a good
expectation of stable domestic growth.
Short-term Shanghai copper is expected to maintain a high and wide range of volatility, medium and long-term Shanghai copper may be affected by high inflation data, the Fed's interest rate hike and the decline in world economic growth
.
