Shanghai copper weak shock market reception after the holiday is still weak

During the Asian session, London copper fluctuated and fell, and the latest quotation at 15:01 Beijing time was 9778 US dollars / ton, down 42 US dollars, or 0.
43%.

At the macro level, yesterday's economic data was relatively sparse, but the US Energy Information Administration (EIA) released its latest monthly short-term energy outlook, sharply raising the price of crude oil this year, and expects US crude oil production to hit a record high next year, which is still relatively positive for copper prices from the perspective of inflation expectations
.

In terms of the market, the domestic spot copper price fell slightly, the Yangtze River nonferrous metal network 1# copper price was reported at 70520 yuan / ton, down 310 yuan, premium 70-130; Guangdong spot 1# copper price was reported at 70370 yuan / ton, down 250 yuan / ton; Yangtze River spot 1# copper 70530 yuan / ton, down 290 yuan, premium 80-liter 120; Shanghai spot 1# copper price was 70490 yuan / ton, down 240 yuan
.

In the spot market, the post-holiday reception is still weak, the enthusiasm for downstream stocking is low, and the overall trading volume is limited
.
The Fed's expectation of accelerating interest rate hikes has put pressure on copper prices, while domestic policy expectations have heated up, the dollar stage has weakened, and domestic smelters are not eager to prepare inventories in the second quarter, making the spot market a large number of purchases not highly motivated, short-term copper prices are still dominated by volatile markets
.

In terms of stocks, on February 8, the LME destocked 0.
01 million tons to 79,900 tons, and SHFE stocks rose 0.
3 million tons to 22,100 tons
.
Overall, the current fundamental changes are still limited, and the impact of inflation expectations on copper prices is positive, and copper prices may show a volatile pattern
.