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Recently, the situation between Russia and Ukraine dominates the trend of the copper market, and the third round of Russian-Ukrainian negotiations has no substantive results, and ceasefire consultations will continue
.
In terms of monetary policy, a 25 basis point rate hike by the Fed in March may be a foregone conclusion
.
Copper prices continue to strengthen to inhibit downstream consumption, the trend of domestic inventory stockpile continues, it is expected that in the short term market spot premium is weak, the domestic stable growth expectation is the main contradiction of fundamentals, but also the current copper market internal market rise is less than the external market important reason
.
On the macro front, the White House issued a statement on its website on March 8, local time, saying that US President Biden officially signed an executive order banning US energy imports from Russia, including: banning the import of Russian crude oil and certain petroleum products, liquefied natural gas and coal; banning new U.
S.
investments in Russia's energy sector; It is forbidden for Americans to finance or support investments in energy companies in Russia, etc
.
In addition, yesterday London nickel was forced to take an unprecedented position, driving nonferrous metals to strengthen
sharply.
Fundamentally, on the supply side, copper concentrate TC continues to rise, the current situation in Russia and Ukraine has not affected copper concentrate transportation, and the supply side continues to maintain stability
.
On the demand side, the operating rate of fine copper rods this week was 61.
96%, up 3.
61%
from the previous month.
Consumption has begun to pick up recently, and with the warmer weather, the expectation of gold and silver has been strengthened
.
In terms of stocks, the LME slightly destocked 0.
07 million tons to 69,600 tons, and SHFE accumulated 007000 tons to 75,700 tons
.
Overall, inflation concerns have triggered another strong rise in copper prices, but it is still necessary to continue to pay attention to demand performance, and it is recommended to treat
it with caution.
