echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Dollar crude oil once soared, copper prices came under pressure and fell slightly

    Dollar crude oil once soared, copper prices came under pressure and fell slightly

    • Last Update: 2022-12-24
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    This week, the situation in Russia and Ukraine deteriorated, financial market risk aversion was high, crude oil, gold, the US dollar once soared, copper prices under pressure slightly declined, as of Friday afternoon 3 pm Shanghai copper main 2204 contract was reported at 70690 points, a weekly decline of 1.
    67% or 1200 yuan
    .

    Copper prices

    From a fundamental point of view, the tight pattern of copper ore continues to improve, the domestic market enters seasonal accumulation, and the inventory in the previous period increases, but the global inventory is still at a low level; In the last period, copper stocks increased by 22,723 tons
    this week.

    In terms of the market, spot copper fell by 440 yuan this week, and good copper rose 70 yuan
    on Friday.
    Downstream work resumed one after another, the trading atmosphere warmed up, and on Tuesday, after the premium was lowered to the discount, the buying transaction increased in the market; The abundant supply of goods limits the space
    for lifting.
    In terms of import profit and loss, the US dollar index rose sharply this week, the RMB volatility was not large, and the import loss narrowed to around 450 yuan per ton
    .

    In the macro aspect, disturbances are frequent, the Russian-Ukrainian war officially started, the global stock market has been impacted, involving supply-side interference, and surrounding metals have risen sharply, but copper prices have relatively limited volatility, mainly suppressed by risk aversion
    .
    At present, NATO does not have the tendency to join the war, mainly through finance, imports and other aspects of mutual sanctions, so the continued fermentation of bearishness needs to continue to wait and see
    .
    From the perspective of the long cycle, high inflation continues to provide support for medium-term copper prices, short-term market cautious wait-and-see, macro bearish disturbance, there is demand for a pullback, space is expected to be limited
    .

    On the whole, the Russian-Ukrainian war began, the global stock market was impacted, and the US dollar and crude oil once rose sharply; At the same time, the copper production involved in the two countries is limited, so the sharp rise in surrounding metals can not drive copper prices, and the overall performance of copper prices is weak
    under the rise of risk aversion.

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.