Shanghai copper rushed back down The price decline was limited

During the Asian session, London copper rushed back down, and the latest quotation at 15:01 Beijing time was 10,200 US dollars / ton, down 45 US dollars, or 0.
44%.

In terms of the market, today's domestic spot copper prices rose slightly, Yangtze River spot 1# copper 74990 yuan / ton, up 100 yuan, premium 300-liter 340; Yangtze River nonferrous metal network 1# copper price reported 74940 yuan / ton, up 80 yuan, premium 240-liter 300; Guangdong spot 1# copper price was reported at 74710 yuan / ton, up 100 yuan; Shanghai spot 1# copper price was 74905 yuan / ton, up 140 yuan
.
Traders actively released warehouse receipts to exchange for cash, and the middle and downstream were still deterred by the high price, only maintaining a moderate amount of buying, and the overall trading volume was weaker than yesterday
.

In terms of news, Peruvian protests to copper mine shutdown, coupled with BHP Billiton to reduce the annual copper production forecast, copper prices should rebound, but the recent macro atmosphere is intertwined, LME copper stocks continue to increase, coupled with the domestic epidemic dragged down, downstream trading is still weak, short-term copper prices rise and fall is limited
.

Overall, supply disruptions caused by the epidemic in Shanghai are at the heart of the problem, and although domestic inventories have accumulated slightly recently, there are not many
copper stocks in circulation.
On the market, the market weakened
on expectations of a Fed rate hike and a decline in crude oil prices.
Before the end of the epidemic, the tight copper spot caused by logistics factors could not be alleviated, and the decline in copper prices was limited, and the operating range was expected to be between
73,000-76,500 yuan / ton.