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Last week, copper prices mainly
rushed back down.
Copper prices rose first and then fell last week, with the Shanghai Copper 2203 contract running from a minimum of 69,770 yuan to a maximum of 73,650 yuan / tonne, and closed at 70,890 yuan / ton
on Friday night.
At the macro level, the US CPI rose 7.
5% year-on-year in January, the highest since February 1982, further strengthening expectations of interest rate hikes by the Federal Reserve
.
Fed Bullard said it supports a 100 basis point
rate hike by the Fed by July 1.
China's social finance data in January significantly exceeded expectations, with new social finance of 6.
17 trillion yuan, an increase of 984.
2 billion yuan year-on-year.
Fundamentally, the TC index edged down on a weekly basis and post-year disruption continued, MMG said the Ccapacmarca community has established a new blockade on a public road about 100 kilometers from the Las Bambas copper mine, which will halt copper production
on February 20 if the road blockade continues.
In terms of imports, the LME0-3Back structure continued, and there was an expansion trend during the week, and the import window continued to close
.
In terms of consumption, the weekly copper rod operating rate was 34.
25%, down 0.
25%
from the previous month.
It is understood that the overall resumption of work on the copper rod line and downstream this year is slightly later than in previous years, and most fine copper rod enterprises have only started production in the middle of the week, and the production rhythm has not returned to the normal level.
In terms of inventories, global inventories rose slightly after the holiday but remained low, of which the LME weekly destocking was 08,100 tons to 74,100 tons, the weekly accumulation of SHFE was 66,200 tons to 106,600 tons, and the accumulation of social treasury and bonded zone accumulation
.
According to statistics from previous years, two weeks after the Spring Festival, SHFE inventory is in a state of accumulation, and it is still necessary to continue to pay attention to inventory changes under the current low inventory
.
Overall, the influence of macro factors has aggravated copper price volatility, and before the March FOMC meeting, interest rate hikes are expected to continue to affect copper prices, and copper prices may fluctuate
widely.
