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Trade Service
In domestic metals, Shanghai copper edged down 0.
14% this morning, while external metals performed better, mostly rising, with London copper slightly up 0.
43%.
On the macro front, the head of the Russian delegation Mezinsky said that the meeting between Putin and Zelensky is possible only if
the Foreign Ministry approves the agreement.
The meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky can take place
simultaneously with the initialling of the peace treaty between the two foreign ministries.
Ukrainian negotiators said there was already enough basis for a meeting
between Zelensky and Putin.
On the supply side, the upward trend of copper concentrate TC continues, and weak spot demand will continue to push TC upward
.
The CSPT quarterly guidance price will be issued next week, and the market will take a wait-and-see attitude
for the time being.
In terms of imports, the import window continued to close, and weekly import losses were recorded
.
On the demand side, the operating rate of fine copper rods last week was 62.
81%, down 0.
55%
from the previous month.
The curb on consumption by the pandemic continues, and the operating rate is expected to continue to be affected
.
At present, the improvement of the epidemic has become a key factor in the short-term copper price trend, but in the context of stable domestic growth, it is recommended to treat
it with caution.
In terms of stocks, LME stocks were at 81,500 tonnes, up 0.
1 million tonnes from the previous session, and SHFE fell 01,300 tonnes to 42,900 tonnes
.
Overall, although the current negotiations between Russia and Ukraine may have some tensions, they have not yet been finalized, and the domestic epidemic has hit both supply and demand, and multiple factors have added uncertainty
to the current copper price.
Previously, it was reported that the LME recommended banning Russian copper from entering warehouses, and the volatility of copper prices in the short term may intensify
.
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.
