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Copper market morning comment: Affected by the sharp rise in crude oil prices, the main Shanghai copper futures contract rose 1.
09% to above 74,000 yuan per ton on Wednesday, and the spot premium retreated, reflecting the low acceptance of this increase in the spot market
.
On the macro front, US inflation continues to soar and expectations of a 50 basis point rate hike by the Federal Reserve in April have strengthened
.
According to data from the US Department of Labor, the US CPI rose 8.
5% year-on-year in March, continuing to update a new high in more than 40 years, and the increase was also higher than market expectations; The March CPI rose 1.
2% month-on-month, flat than expected and the highest since
October 2005.
Core CPI, which excludes food and energy, rose 6.
5% year-on-year, missing expectations of 6.
6%.
Fundamentally, data from the General Administration of Customs showed that China's imports of copper ore and its concentrate in March were 2.
184 million tons, and the cumulative import volume from January to March was 6.
35 million tons, an increase of 6.
7%
year-on-year.
Imports of unwrought copper and copper products in March were 504,008.
7 tonnes, down 8.
8%
year-on-year.
The cumulative import volume from January to March was 1,473,340.
3 tons, an increase of 2.
6%
year-on-year.
Since this round of price increases does not come from copper's own fundamentals, it is expected to slowly fall
back over time.
