The epidemic affects the supply and demand pattern The Shanghai copper plate continues to weaken

On the macro front, St.
Louis Fed President Bullard expressed support for the Fed to raise interest rates to 3%-3.
25%
in the second half of 2022.
But there are also speakers such as Chicago Fed President Evans and Atlanta Fed President Bostic, who are slightly dovish
.
In addition, the US House of Representatives passed a bill
banning the import of related energy from Russia.

Fundamentally, copper concentrate TC continued to rise by $3.
4/mt last week and has now reached $77.
83/mt, indicating that the mine end itself is still on the generous side, while the smelting end is relatively tight due to the tight
energy situation.
Short-term TC may rise further
.

In terms of demand, because downstream enterprises in the surrounding areas of the Shanghai market were affected by the epidemic, consumer demand was sluggish, and market transactions were mainly
based on the circulation of goods between traders.
In the second half of the week, traders consider the cost
of inventory in the Shanghai area in the coming days.
And most producers do not have a very high recognition of the current copper price, so the current consumption is generally very light
.

In terms of stocks, LME stocks were at 101,300 mt, down 0.
07 million mt from 06,400 mt in the previous session, and SHFE down 0.
07 million mt to 38,800 mt
.

On the whole, currently affected by the epidemic, the pattern of weak supply and demand is obvious
.
However, at present, due to the high premium quotation caused by logistics, and the macro aspect, the inflation level is still relatively high, and copper prices may still maintain a slightly upward pattern
.