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Shanghai copper remained volatile
at high levels this week.
The lack of progress in Russia-Ukraine peace talks boosted safe-haven demand, coupled with oil prices, stock market ups and downs added uncertainty to the market, and weak domestic economic data and mainstream areas were plagued by the epidemic, the spot market traded quietly, but the overall macro cautious optimism remained unchanged, and copper prices remained stable under pressure this week
.
This week, London copper is on the strong side
.
The average price of LME copper in the first four trading days was 10362.
25 US dollars / ton, up 22.
5 US dollars / ton per day; Last week's average price was $10,321.
25/ton, up $41/ton from last week's average price, up 0.
4%
month-on-month.
At the macro level, the geopolitical issues of Russia and Ukraine still dominate market sentiment, coupled with European and American sanctions against Russia, and persistently high inflation will continue to support metal prices
.
Overall, macro long and short wait-and-see, although overseas liquidity tightened, domestic manufacturing PMI data performance was unsatisfactory, and the epidemic affected logistics blocked downstream supply and demand are weak, but domestic to hedge the economy is expected to introduce more positive policies to boost the economy, Shanghai copper consolidation
before the holiday.
In terms of the market, in the week of April 1, domestic spot copper prices fluctuated
at a high level.
The average price of Yangtze River non-ferrous metal network Yangtze River spot 1# copper was 73862 yuan / ton, down 18 yuan / ton per day; The average price of the previous week was 73,732 yuan / ton, up 130 yuan / ton compared with last week, up 0.
18%
from the previous week.
In terms of spot, the domestic sentiment performance is biased, the spot premium is weakening, the downstream digestion inventory is the mainstay, the trading performance is relatively quiet, and only a small amount of just need to be purchased
.
In terms of inventories, Shanghai copper stocks continued to decline this week, falling by 8,934 tons, or 8.
75%, to 93,121 tons
.
London copper stocks rose sharply this week, accumulating an increase of 13,425 metric tons to 93,975 metric tons, a cumulative increase of 16.
67%.
Although LME inventories are still at historically low levels, the continuous increase in inventories has also briefly lifted the market's concerns about the run, and the accumulation of LME in March may be related to the previous difference between domestic and foreign prices, and domestic bonded zone inventories have returned to LME delivery
.
On the whole, the market focus has once again turned to the energy game between Europe and the United States and Russia, and higher overseas inflation has supported metal prices
.
The domestic steady growth policy continues to inject confidence, the macro atmosphere performance is not bad, but the spread of the epidemic in Shanghai has caused a certain panic in the market, short-term copper prices have been suppressed, and downstream consumption has also shown a downturn, but global copper inventories are still at a very low level, copper prices are firmly supported, easy to rise and fall, and the short-term shock trend may continue
.
