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The market has cashed in ahead of the news that the Fed raised interest rates by 25 basis points, and the three major indexes of U.
S.
stocks opened low and higher yesterday, closing higher for the third day in a row, extending this week's strong rally
.
The dollar index corrected for the second day in a row, and the center of gravity of copper continued to rise
.
On the macro front, the Bank of England raised interest rates by 25 basis points to the pre-pandemic level of 0.
75%, in line with market expectations
.
The central bank expects inflation to be "around 8%" in the second quarter, after which it may continue to climb
.
At present, high inflation has become a common problem
in major economies around the world.
In addition, yesterday, the National Development and Reform Commission proposed to strengthen the security of housing supply and focus on solving the problem of
housing difficulties for eligible new citizens, young people and other groups.
Fundamentally, change is relatively limited
.
Copper concentrate TC continues to rise, mainly affected by the maintenance and production reduction of domestic smelters, and TC may further rise
in the short term.
In terms of refined copper, according to the survey, domestic electrolytic copper production in February 2022 was 887,400 tons, an increase of 7.
4% year-on-year and 1.
7% month-on-month, basically in line with expectations
.
On the demand side, the operating rate of fine copper rod was 66.
26% last week, up 4.
3%
month-on-month.
Electrolytic copper rod consumption continued to improve, enterprise finished product inventories declined, gold three silver four, is expected to continue to recover this week
.
In terms of stocks, LME stocks were at 77,600 tonnes, up 0.
02 million tonnes from the previous session, and SHFE fell 0.
07 million tonnes to 63,200 tonnes
.
Overall, the market's concerns about inflation still exist at present, which is still more favorable for copper prices, and it is currently close to the domestic consumption season, it is recommended that the operation of copper varieties is still mainly based on bargain hunting
.
