Shanghai copper rebounded after bottoming out, short-term expected to run strongly

Russia-Ukraine geopolitical risks slowed down, risk assets recovered overnight, European and American stock markets rose sharply, the US index pulled back, and London copper strengthened to close at $9974, up 1.
25%.

The short-term expected to run strongly, pay attention to whether the pressure level of 10,000 can stand firm
.

On the macro front, the tension between Russia and Ukraine has dissipated, U.
S.
stocks have collectively rebounded, opening high and stopping for three consecutive days, international oil prices have fallen from a seven-and-a-half-year high, European natural gas has fallen 15% to a three-and-a-half-month low, and copper prices have opened
high at night.
On the other hand, inflationary pressures in the United States continue to explode, with the US producer price index PPI rising 1% month-on-month in January, the highest in eight months, up 9.
7% year-on-year, and the core PPI increasing by 6.
9% year-on-year, both only 0.
1 percentage points
lower than the all-time high in December last year 。 The US New York state manufacturing index in February improved slightly month-on-month, the sales price indicator reached a record high, and the payment price indicator remained high and near record highs, reinforcing market expectations that the Fed may raise interest rates earlier and more aggressively, and the minutes of the January FOMC meeting will be released on Wednesday, which the analysis said was focused on whether the Fed internal discussion believes that it is behind the curve and therefore needs aggressive tightening
.

From a fundamental point of view, the overall trading activity of the market is limited
.
However, with the gradual resumption of work and production of downstream consumption, coupled with the continuous decline of the plate, while domestic inventories are still in a historically low position, and it is difficult to see the opportunity for import price comparison under the strong and weak inside the market, Shanghai copper rises to the water; In terms of South China copper, Guangdong inventories ended a 6-year increase, and this week began to resume downstream production to increase consumption to reduce inventories, trade atmosphere improved, South China copper premium higher
.

In terms of stocks, on February 15, the LME destocked 01,900 tons to 70,100 tons, and SHFE stocks rose 13,500 tons to 66,200 tons
.
Overall, the tension between Russia and Ukraine has eased, and inflationary pressure in the United States continues to affect the trend
of copper prices.