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Outside trading mostly rose on Tuesday night, London copper climbed, closing up 1.
06 percent as the easing of lockdown measures in China, a major consumer of metals, ignited hopes of improved demand, while some investors covered their bears
.
Internally, Shanghai copper closed higher, up 0.
22%.
On the macro front, yesterday, US retail sales recorded a monthly rate of 0.
9% in April, the highest since January this year, in line with expectations
.
In addition, U.
S.
Treasury officials said pricing caps and tariffs on Russian oil would be discussed with G7 leaders as an alternative to the embargo
.
U.
S
.
Treasury Secretary Janet Yellen said the United States supports Europe in developing a package for the Russian oil embargo.
The imposition of tariffs on Russian oil could be accompanied by a phased oil embargo
.
On the supply side, domestic copper mine TC fell back to $79.
28/mt last week, partly as some refineries resumed production
during maintenance.
Meanwhile, Las Bambas has suspended operations for 23 days
in terms of supply disruptions at the mine end.
In addition, the copper concentrate spot market was less active last week, mainly because the uncertainty on the demand side caused by the epidemic is still large
.
In terms of demand, the impact of the current epidemic still exists, and the monthly difference is relatively high, the enthusiasm for downstream receiving goods is relatively low, and the wait-and-see mood is heavier
.
Transactions in Shanghai are still dominated
by trade flows.
In April, the operating rate of the primary processing end showed a sharp decline, and the operating rate of refined copper rod fell sharply by 11.
48% to 54.
68%
in April.
The operating rate of copper pipe enterprises decreased by 7.
78% to 78.
09%.
The copper strip operating rate was also lower than the expected 70.
87%, recording 67.
96%.
And at present, there has not been a significant recovery in terms of terminal demand orders, and the situation may improve slightly in May, but the extent may be limited
.
In terms of stocks, LME stocks were flat at 176,600 tonnes, while SHFE stocks rose 03,800 tonnes to 30,300 tonnes
.
Overall, the current Fed interest rate hike environment is relatively unfavorable for copper prices, and although there are relatively strong expectations on the domestic demand side, whether such strong expectations can be fulfilled is the focus
of the future market.
Unilateral opportunities in operation may be relatively difficult to grasp temporarily, and it is mainly
wait-and-see for the time being.
