Shanghai copper narrow range shock finishing late may show a higher pattern

At the macro level, yesterday's economic data was still relatively sparse, and this evening we need to focus on the US CPI data for January
.

Fundamentally, the TC price index has risen slightly, Erenhot railway port has resumed tons of bagged copper concentrate and other import business, the resumption of the port alleviated the tension at the domestic mine end in the early stage, the domestic copper mine supply after the holiday is relatively abundant, but at the smelting end, at present, Europe and even the United States, because of natural gas prices and high freight rates, the production cost of copper and aluminum and other varieties has increased significantly, which makes the price once again boosted by the supply side
.
On the import side, the import window remains closed
.

In terms of consumption, affected by the year-end holiday, the weekly copper pole operating rate before the Spring Festival holiday was 34.
54%, a sharp decrease of 22.
1%
from the previous month.
After the Spring Festival, most copper rod enterprises will resume work normally, and the copper rod operating rate will rebound, but due to the impact of downstream resumption time, logistics and transportation, and demand, it is expected that the recovery rate will be limited
.

In terms of stocks, on February 9, the LME destocked 02,600 tons to 77,300 tons, and SHFE stocks rose 02,300 tons to 24,500 tons
.
Overall, the current fundamental changes are still limited, and the impact of inflation expectations on copper prices is positive, and copper prices may show a volatile pattern
.