Shanghai copper's main force opens low and goes low Multiple factors have increased market uncertainty

On the macro front, the US core PCE price index (the Fed's most concerned inflation measure) recorded 5.
4% in February released yesterday evening, slightly lower than the expected 5.
50%, but still updated the highest since
1983.
The US core PCE price index recorded 0.
4%
m/m in February.
In addition, there have been some signs
of "warm wind" in real estate and infrastructure recently.
This may have
a slightly mitigating effect on the outlook on the consumer side.

On the supply side, the upward trend of copper concentrate TC continues, and weak spot demand will continue to push TC upward
.
The CSPT quarterly guidance price will be issued next week, and the market will take a wait-and-see attitude
for the time being.
On the demand side, the operating rate of fine copper rods last week was 62.
81%, down 0.
55%
from the previous month.
The curb on consumption by the pandemic continues, and the operating rate is expected to continue to be affected
.
At present, the improvement of the epidemic has become a key factor in the short-term copper price trend, but in the context of stable domestic growth, it is recommended to treat
it with caution.

In terms of stocks, LME stocks were at 91,400 mt, up 03,500 mt from the previous session, and SHFE was down 01,000 mt to 41,700 mt
.

Overall, although the current negotiations between Russia and Ukraine may have some tensions, they have not yet been finalized, and the domestic epidemic has hit both supply and demand, and multiple factors have added uncertainty
to the current copper price.
However, in the context of stable domestic growth, if the epidemic is effectively controlled, the recovery of consumption will play a role in promoting the rise in copper prices, and it is recommended to treat
it with caution.