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Overnight, the outer market closed down across the board, and London copper fell by more than 1%; Intra-market metal fell overnight, while Shanghai copper fluctuated slightly
.
Overnight, the president of the European Central Bank spoke less than expected, the dollar index broke through the 103 mark, and London copper fell back under pressure
.
Copper prices are expected to remain volatile
during the day.
On the macro front, the European Central Bank announced its interest rate decision, keeping the three key interest rates unchanged, in line with market expectations
.
The ECB said that based on the latest assessment, the ECB decided to take further steps to normalize monetary policy; Decided to terminate net asset purchases of the Asset Purchase Program with effect from 1 July 2022, with the special conditions applicable to the third round of the TLTRO III operation ending
on 23 June this year.
The ECB plans to raise interest rates by 25 basis points
in July.
The focus on the US CPI data
this evening is required.
On the supply side, recent road jams in Peru have persisted, with protests causing fires
near Southern copper's Los Chancas project and MMG's Las Bambas Chalcobamba pit project.
Las Bambas has been suspended since April 20 due to protests
.
The activity of the domestic copper concentrate spot market has decreased significantly, and the market trading is very light, and the copper concentrate port inventory rose to 1.
038 million tons, up 51,000 tons
from the previous week.
TC prices are limited in price change, currently at $78.
66/mt, and are expected to be gradually digested this week in South American mining disruptions, and TC prices may fall
slightly as refinery overhauls end in June.
However, due to the current high level of copper concentrate port inventory, the supply of the mine end will not be too tight for the time being
.
In terms of consumption, production began to recover in East China with the gradual improvement of Shanghai's unblocking, but due to the approaching Dragon Boat Festival holiday, the willingness to buy goods downstream was not strong, and on-demand replenishment was the mainstay, and the superimposed aluminum ingot financing default event led to market participants being more cautious, affecting trading activity
.
The future market needs to focus on the support effect of national policies and the specific landing situation, and it is expected that the demand side will tend to be slightly better
after the Dragon Boat Festival holiday this week.
In terms of inventories, LME stocks rose 01,200 tons to 118,200 tons yesterday, a large
decline.
SHFE stocks rose 0.
11 million mt to 0.
76 million mt
.
Overall, the current market is optimistic about
the improvement of demand.
At the same time, on the macro side, there are doubts about whether the pace of the Fed's interest rate hike will be disrupted, and the inflation level remains high, and the positive feedback of higher crude oil on inflation is becoming more and more obvious
.
Overall, the combination remains positive
for copper prices.
