Shanghai copper gave up some of the gains accumulated or limited the space above the price

On the macro front, China's January financial data performed brightly, and the downward pressure on the economy eased
.
However, the US consumer CPI rose 0.
6% month-on-month and 7.
5% year-on-year in January, the biggest year-on-year increase since February 1982
.
After the data was released, the dollar index rose, the Fed's expectations of a 50 basis point interest rate hike in March increased significantly, and concerns about accelerated tightening of liquidity resumed
.
U.
S.
inflation rose sharply, expectations of interest rate hikes by the Federal Reserve heated up significantly, copper continued to lack upward momentum, and the market weakened
.

In terms of inventory, in the past half month, LME copper stocks have been falling non-stop, constantly refreshing the two-month low
.
During the Spring Festival, the domestic downstream demand was weak, and the refined copper social library accumulated significantly, and it was necessary to observe the weekly copper inventory changes
in the previous period.
Non-ferrous varieties are prone to speculation spot in stages under the background of low inventory, resulting in upward price drive
.
However, at present, the overseas Back rise is limited, the characteristics of forced positions are not significant, and the future bearish factors (macro tightening, economic slowdown) will gradually appear, maintaining the judgment of copper price high volatility
.

In terms of the market, Shanghai Metal Network 1# electrolytic copper quotation 72480-72680 yuan / ton, the average price of 72580 yuan / ton, up 370 yuan / ton
from the previous trading day.
The spot market transaction is average, and the premium is up 40 yuan / ton
from yesterday.
Downstream on-demand consumption, spot premium slightly rebounded, flat water copper lowest heard rise of about 90 yuan transaction, the second period of rebound to 120 yuan level but the transaction is general, good copper mainstream transaction in the level of 120-130 yuan, wet and poor copper circulation is less
.

Overall, China's outstanding financial data in January and the sharp destocking of overseas fundamentals kept copper prices firm
.
However, rising expectations of interest rate hikes in the United States, intraday recovery of the dollar index and retreat in the US stock market will affect investors' bullish sentiment
.
At the same time, domestic accumulation may drag down prices and limit the space
above prices.