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At present, the situation in Russia and Ukraine has deteriorated, risk aversion has heated up, the US index strengthened overnight, copper prices retreated, and London copper closed at 9846, down 0.
38%.
Europe and the United States expanded sanctions against Russia, and the tension between Russia and Ukraine drove the market risk aversion to heat up again, and under the pressure of macro surfaces, the short-term is expected to decline first and then stabilize
.
On the macro front, on February 23, local time, the United States announced further sanctions against Russia, expanding sanctions against Russia to Nord Stream 2
.
U.
S.
President Joe Biden announced that he has instructed the government to impose sanctions
on Nord Stream 2 and project executives.
Due to the design of the project, this may make the already relatively tight European gas supply more difficult
in the future.
From a fundamental point of view, in terms of Shanghai copper, the downstream resumption of production continues to be slow, coupled with the continuous fermentation of the epidemic in Suzhou, Nantong and other places, which has also made consumption worse, and when consumption is less than expected, Shanghai copper continues to decline
.
In South China copper, inventories in Guangdong returned over the weekend, but the increase was much smaller than on previous Mondays
.
Poor downstream consumption and active shipments by cargo holders, South China's copper premium showed a continuous downward trend
.
In terms of stocks, the LME edged at 0.
02 million tonnes to 74,300 tonnes and SHFE slightly accumulated 0.
09 million tonnes to 70,100 tonnes
.
In terms of imports, the import window continued to close, LME0-3 maintained its Back structure, and market trading continued to maintain low activity
.
Overall, the market risk aversion has further heated up, and poor consumption has dragged down the performance of copper prices, and the current copper price has maintained a wide range of fluctuations on one side
.
