The main force of Shanghai copper fluctuated upward, and there was demand for rebound after the over-fall

On the macro front, Gazprom said in a statement that starting at 7 a.
m.
Moscow time on Wednesday, the flow of natural gas from the Nord Stream 1 pipeline will be reduced to about 20% of the transmission capacity, that is, 33 million cubic meters
per day.
Gazprom explained that another turbine in the pipeline will be maintained and will be taken out of service
.
The energy tightness may further affect Europe's economic outlook
.

In terms of mine supply, according to Mysteel News, the supply side interference was still continuous last week, and Codelco suspended the construction
of Chuquicamata underground mine project and Rajo Inca project due to two recent safety accidents.
In addition, community negotiations in Las Bambas are ongoing, and community feedback that negotiations are not going well
.
However, as the domestic copper concentrate port inventory remains at a high level of 912,000 tons, the domestic mine supply is still relatively abundant
.
TC prices only edged down by $0.
84/mt to $71.
49/mt, and the overall price remained on the high
side.

In terms of consumption, due to the continuous decline in copper prices, the enthusiasm of some downstream companies to purchase has rebounded slightly, which has also boosted the market premium quotation, in the new energy sector, the current demand is still expected, such as the photovoltaic managers' index last week rose sharply by 5.
92%.

However, the current performance of the real estate sector is still the biggest uncertainty in the future market, and there have been successive loan cuts and defaults on real estate corporate bonds, and the future market needs to continue to pay attention to the trend of
the real estate sector.
The power sector will not really start to develop until the turn of the third and fourth quarters, affected by seasonal factors and the rush to
work at the end of the year.

In terms of stocks, LME stocks fell 0.
08 million tonnes to 131,800 tonnes
yesterday.
SHFE stocks fell 0.
41 million tonnes to 101,000 tonnes
.

Overall, the current demand has recovered slightly, and the performance of new energy is still expected, but the real estate sector is the biggest uncertainty in the future market, and this week will usher in the Fed interest rate meeting, the operation is still cautious for the time being, but at this point there is no need to be overly pessimistic, you can pay attention to the rebound of copper prices in the short term after the Fed rate hike landed
.