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    Home > Chemicals Industry > New Chemical Materials > March 3 Copper Market Morning Review

    March 3 Copper Market Morning Review

    • Last Update: 2022-12-24
    • Source: Internet
    • Author: User
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    Commodities rose broadly on Wednesday, with the main Shanghai copper futures contract rising 0.
    85% to 71,520 yuan a tonne, the biggest one-day gain since Feb.
    10
    .
    It retreated
    after opening sharply higher on Wednesday night.
    The fine waste spread was further widened and was in a higher position
    .

    The main reason for the rise in copper prices is the rise in risk aversion
    .
    From the different rise and fall of non-ferrous metals, it can be seen that the trend of copper in the daily market on Wednesday is in the middle position, but the performance in the night session is more eye-catching, reflecting the market's pursuit of copper, because the financial attributes of copper are strongest in non-ferrous metals, and investors are more inclined to hedge under
    the geopolitics of Russia and Ukraine.

    In addition, there is not much information on the fundamentals, and a small premium on the spot side does not prove the recovery
    of copper demand.
    According to the latest quarterly report of Codelco, the world's largest copper supplier, Chile's state-owned mining company, Codelco's copper production in 2021 was 1.
    728 million tons, the same
    as the output of 1.
    727 million tons in 2020.
    This includes 1.
    618 million tonnes of copper from Codelco's own mine, 110,000 tonnes from Freeport's El Abra copper mine and 110,000 tonnes
    from AngloAmerican Sur.
    Codelco's copper production in Q4 2021 was 443,000 mt, down 8.
    5% year-on-year and up 6.
    8%
    month-on-month.
    Codelco's pre-tax profit reached $7.
    4 billion in 2021, up from $2.
    1 billion
    in 2020, thanks to higher global copper prices.
    Considering the impact of medium- and long-term monetary policy and weaker economic growth expectations, copper prices may fall
    downward.

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