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Trade Service
Shanghai copper volatility rose last week
.
The average weekly settlement price of the current month contract is 73370 yuan / ton, an average daily increase of 102 yuan / ton; The average price of the previous week was 72,092 yuan / ton, up 1.
74%
from the previous month.
Shanghai copper inventories continued to decline during the week, falling by 27,451 tons to 102055 tons, a decrease of 21.
2%.
On the outside side, London copper fluctuated higher
last week.
The average price of LME copper in the first four trading days was 10,321.
25 US dollars / ton, up 4 US dollars / ton per day; The average price during the week was 10,042 US dollars / ton, up 279.
25 US dollars / ton compared with the average price of the previous week, up 2.
71%
from the previous week.
On the macro front, the situation in Russia and Ukraine has not been resolved, and European and American sanctions against Russia have gradually escalated, but high overseas inflation and domestic stable growth policies still support metal prices
at the macro level.
In terms of the market, the average price of Yangtze River non-ferrous metal network Yangtze River spot 1# copper was 73732 yuan / ton, up 114 yuan / ton per day; The average price of the previous week was 72444 yuan / ton, up 1288 yuan / ton compared with last week, up 1.
75%
from the previous month.
In terms of stocks, copper stocks in the previous period were 129506 tonnes (-32,162 tonnes), LME copper stocks were 80,675 tonnes (+700 tonnes), and bonded zone stocks totalled 247,000 tonnes (+01,000 tonnes).
Inventories have fallen externally and internally, but global copper inventories are still at a low level, supporting copper prices in the short term, and copper prices are strong
.
From a fundamental point of view, the domestic spot market transaction is cold, some traders choose to leave the market to wait and see, and the epidemic situation in various places is still serious, control is still ongoing, under the pressure of consumption and end-of-quarter capital withdrawal, large traders take the lead in selling goods to realize, spot premiums decline
.
On the whole, the Russia-Ukraine crisis and macroeconomic policies have brought market instability, as well as the impact of nickel squeeze events has increased, and copper prices have passively followed market fluctuations
.
Copper prices are expected to remain high under high macro inflation, while low inventories provide strong support
for copper prices.
However, the short-term domestic demand affected by the epidemic weakened, coupled with the continued downturn in downstream mining, which affected the enthusiasm of
the market.
