Shanghai copper is expected to return to the previous volatile upward trend

On the macro front, geopolitical tensions between Russia and Ukraine continued this week, and European and American sanctions against Russia increased
.
Electricity prices in Europe have continued to rise since the outbreak of the conflict, and the EU said it will seek a faster energy transition this year and reduce its energy dependence
on Russia.
The United States also said that it plans to ban the import of oil and other energy commodities from Russia, resulting in the continuous rise in crude oil prices and the fear that commodities may face a shortage of supply, market risk aversion continues to rise, nickel prices out of the "extreme" market, driving non-ferrous metal prices to rise sharply, short-term Shanghai copper trend affected by macro fluctuations are strong
.

In terms of fundamentals, LME accumulation, the last period of destocking, LME spot discount expanded, domestic spot premium rose slightly, overall inventory fluctuations are not large, and the overall is still at a low level in the same period of history, which supports copper prices to maintain resilience
.
On the whole, there is no need to be overly pessimistic about the deep adjustment of copper prices, and it is expected to return to the previous shock upward trend
.