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    Home > Chemicals Industry > New Chemical Materials > Shanghai copper continued to decline and prices fell slightly

    Shanghai copper continued to decline and prices fell slightly

    • Last Update: 2022-12-24
    • Source: Internet
    • Author: User
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    The dollar continued to fall in overnight trading this morning, and crude oil futures suspended, rising slightly this morning after continuing to plunge
    .
    In terms of metals, metals were generally red this morning, and as of 10:11, the outer plate copper rose
    slightly.
    In terms of metal internal trading, the night session has warmed up, mixed prices, Shanghai copper continued to decline, and prices fell
    slightly.

    Shanghai copper

    On the macro front, Russia and Ukraine resumed negotiations to discuss the issue of ceasefire and withdrawal of
    troops.
    Podolyak, adviser to the Ukrainian president, said that Russia and Ukraine will continue negotiations on Wednesday, and there are "fundamental contradictions" in the negotiations between the two sides, but there is certainly room for
    compromise.
    In addition, the sharp decline in crude oil prices has dragged down market inflation expectations, but copper prices have basically maintained a stable trend
    .

    Fundamentally, change is relatively limited
    .
    Copper concentrate TC continues to rise, mainly affected by the maintenance and production reduction of domestic smelters, and TC may further rise
    in the short term.
    In terms of refined copper, domestic electrolytic copper production in February 2022 is expected to be 887,400 tons, an increase of 7.
    4% year-on-year and 1.
    7% month-on-month, basically in line with expectations
    .
    On the demand side, the operating rate of fine copper rod was 66.
    26% last week, up 4.
    3%
    month-on-month.
    Electrolytic copper rod consumption continued to improve, enterprise finished product inventories declined, gold three silver four, is expected to continue to recover this week
    .

    In terms of stocks, LME stocks were at 77,500 tons, down 00,500 tons from the previous day, and SHFE accumulation was 0.
    2 million tons to 63,200 tons
    .
    Overall, the market's concerns about inflation still exist at present, which is still more favorable for copper prices, but due to the approach of the Fed's interest rate decision, it is recommended that the operation of copper varieties is still mainly wait-and-see
    .

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