Macro uncertainty remains strong and copper prices are weak to the upside

On the macro front, China's new credit and social finance data performed poorly in February, and market expectations for domestic interest rate cuts increased
.
The situation between Russia and Ukraine has eased slightly, and officials related to the Russian-Ukrainian negotiations said that the negotiations have made substantial progress, but Western sanctions against Russia still exist, and the impact on commodity supplies still needs to be tracked
.

In terms of the market, Shanghai metal network 1# electrolytic copper quotation 72120-72300 yuan / ton, the average price of 72210 yuan / ton, up 40 yuan / ton from the previous trading day, the 2203 contract reported 170 liters 230 yuan / ton
.
The spot market traded generally, and the premium fell by 20 yuan / ton
from the previous trading day.
Copper prices rise and fall uncertainly, downstream on-demand consumption
.
In one period, flat water copper rose 200-210 yuan level a small number of transactions, the second period of lower after the transaction slightly improved, the mainstream transaction in the level of 180 yuan is up and down, good copper at the lowest heard rise of 190 yuan has been traded, the market MET brand wet copper is more, the mainstream rise 120-130 yuan level transaction
.

In terms of stocks, LME copper stocks have recovered after falling to stage lows, accumulating more than 4,000 tonnes last week, although inventory levels remain at a nearly one-year low
.
The weekly copper inventory in the previous period fell after seven consecutive weeks, and the dematerialization range was limited, and it is still hovering near
the high level of nearly nine months.
Recently, with the recovery of domestic consumption and the increase of exports by smelters, domestic inventories have peaked, while global copper inventories are still at a relatively low level, and it is expected that there will be obvious support
for copper.