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Trade Service
On Monday, the main force of Shanghai copper stabilized after a slight decline
.
At the end of the day, the main 2205 contract of Shanghai copper closed at 73230, down 290, or 0.
39%.
On the macro front, the 10-year Treasury yield reached 2.
793%, the highest
since January 2019.
At the same time, crude oil prices also fell again, and WTI fell to $93 / barrel intraday, which also dragged down non-ferrous varieties to a certain extent
.
Fundamentally, on the supply side, domestic copper mine TC continued to rise, and under the maintenance and shutdown of domestic smelters, supply-side easing expectations continued to amplify
.
On the demand side, the operating rate of fine copper rods last week was 42.
15%, a sharp decrease of 15.
21%
from the previous month.
The continued severity of the epidemic has made the industry passive, and the current epidemic situation in Shanghai is still tense, and the impact of the subsequent shortage of raw materials will be more obvious, and the operating rate of fine copper rods may continue to decline
.
In terms of stocks, total LME stocks rose 0.
19 million tonnes to 105,600 tonnes, while SHFE stocks fell 01,500 tonnes to 36,100 tonnes
.
On the whole, currently affected by the epidemic, the pattern of weak supply and demand is obvious
.
Coupled with the fall of crude oil, copper prices may temporarily fall into a volatile pattern
.
