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Copper prices have fluctuated greatly in recent days, and downstream enterprises are cautious
in purchasing.
At present, the market is subject to large fluctuations in sentiment, and the short-term direction is not clear, but there is still an expectation
of good demand in the medium term.
On the macro front, yesterday the US CPI in February hit a 40-year high again, reaching 7.
9%.
This shows that the current situation of high inflation due to the mismatch between supply and demand is difficult to change
in the short term.
In addition, the Russian-Ukrainian negotiations have not made substantial progress, and the negotiations on the nuclear agreement between Iran and world powers have also been in trouble
.
On the news side, the trading margin ratio of the previous copper contract was adjusted to 12%, and the range of the price limit was adjusted to 10%.
Fundamentally, change is relatively limited
.
On the supply side, copper concentrate TC continues to rise, the current situation in Russia and Ukraine has not affected copper concentrate transportation for the time being, and the supply side continues to maintain stability
.
On the demand side, the operating rate of fine copper rods was 61.
96% last week, up 3.
61%
month-on-month.
Consumption has begun to pick up recently, and with the warmer weather, the expectation of gold and silver has been strengthened
.
In terms of stocks, LME stocks remained at 71,900 tons, basically unchanged from the previous day, and SHFE destocking was 03,900 tons to 70,600 tons
.
Overall, the market's concerns about inflation still exist at present, which is still favorable for copper prices, and it is recommended that the operation of copper varieties is still treated with caution.
