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Trade Service
Internal metals rose this morning, with Shanghai copper edged up 0.
34%
as of 9:30.
The external performance was slightly weaker, with general declines in early trading, and London copper slightly down 0.
23%.
On the macro front, yesterday, Fed Chairman Jerome Powell said at a panel discussion at the IMF that "a 50 basis point rate hike will be discussed at the May meeting, and we are committed to using tools to bring inflation back to the 2% target.
"
Powell also said that if the timing is right, the pre-strategy of raising interest rates has some benefits, and the 50 basis point rate hike is a direction
of discussion.
On the supply side, domestic copper mine TC continues to rise, the spot market is still abundant, and TC is expected to still have upside
.
On the demand side, the operating rate of fine copper rods last week was 50.
93%, up 8.
78% month-on-month, and the current epidemic situation in Shanghai continues to be tense, and the escalation of epidemic control has led to the suspension of production of many downstream processing enterprises, but since this week, some companies have begun to try to gradually resume production
.
Trading sentiment in Shanghai and surrounding markets has been seriously hindered, transactions have become lighter and lighter, downstream companies basically wait for the change of months before considering procurement, overall, the epidemic situation makes it difficult for demand to improve
.
However, there is a certain positive attitude towards demand expectations
.
If entering the real estate market, there are relatively obvious signs of support from local policies
.
In terms of stocks, LME stocks rose 0.
18 million tonnes to 130,500 tonnes and SHFE stocks fell 0.
27 million tonnes to 44,700 tonnes
.
On the whole, currently affected by the epidemic, the pattern of weak supply and demand is obvious, but the market sentiment is relatively obvious
.
At the same time, high inflation has benefited copper prices
.
Therefore, this operation is still mainly based on bargain hunting
.
However, it is necessary to guard against the adverse impact
of the current continued rise of the US dollar on copper prices.
In addition, the continuous accumulation of the LME also requires continuous attention
.
