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Last week, copper prices first fell and then rose, the center of gravity moved slightly upward, and the rebound momentum weakened near the end of the week, and as of Friday afternoon, the main 2202 contract of Shanghai copper was reported at 69720 points, a weekly increase of 0.
55% or 380 yuan
.
Biden's new infrastructure bill encountered resistance during the week, the recovery of the US economy is still resilient, coupled with the increase in Fed officials' discussion of interest rate hikes, the US index upward momentum weakened during the week, fell into a volatile market, and reduced pressure on copper prices
.
In Europe, non-ferrous metal prices have been affected by concerns about industrial production caused by Russian gas supply problems and the European energy crisis
.
As the impact of the news dissipated during the week, the off-season effect of copper market fundamentals was highlighted, and the price momentum was weak and still maintained a range-bound market
.
In the market, spot copper rose slightly by 400 yuan last week, and good copper premium was lowered from 170 yuan last Friday to around
60 yuan.
The year is approaching, the recent weakness in downstream consumption is more obvious, and buying continues to be sluggish
.
The spot market rose with the market, the premium was passively lowered, and the holders of goods were lowered to liquidate, and the trading atmosphere was not good
.
In terms of import profit and loss, the US dollar index fell back last week, the import profit window was closed again, and the gap is now widening around
450 yuan / ton.
The Omicron variant swept the European and American markets, and the surge in the epidemic caused hidden dangers to the economy and suppressed the market's risk appetite, but data showed that the severe disease and hospitalization rates were much lower than the previous variant virus, and the news of the effective vaccine eased the market pessimism, and the stock market and crude oil rebounded, driving the metal recovery; In addition, European natural gas and electricity prices soared again, smelter costs rose and fell, and surrounding metals were expected to reduce production, once again promoting the strengthening of non-ferrous metals led by zinc and aluminum, and Shanghai copper followed suit; A few years ago, weak downstream consumption limited the upside, and the main force of Shanghai copper at the 70,000 mark was under pressure
.
From a technical point of view, the medium-term trend maintains the box oscillation, the short-term 69,500 pressure turns to the support level, and the probability of the market rushing back down is relatively large
.
Pay attention to the impact of the follow-up energy crisis hype news
.
