The main force of Shanghai copper opens high and goes low, and the pattern of weak market supply and demand is obvious

On the macro front, the sharp surge in U.
S.
natural gas prices to their highest level in 13 years, coupled with higher crude oil prices, inflation expectations have risen again, which is relatively positive
for copper prices.

On the supply side, domestic copper mine TC continues to rise, the spot market is still abundant, and TC is expected to still have upside
.
On the demand side, the operating rate of fine copper rods last week was 50.
93%, up 8.
78% month-on-month, and the current epidemic situation in Shanghai continues to be tense, and the escalation of epidemic control has led to the suspension of work and production of many downstream processing enterprises
.
Trading sentiment in Shanghai and surrounding markets has been seriously hindered, transactions have become lighter and lighter, downstream companies basically wait for the change of months before considering procurement, overall, the epidemic situation makes it difficult for demand to improve
.

In terms of stocks, SHFE stocks rose 0.
8 million mt to 49,200 mt
as the LME was closed for the Easter holiday.

On the whole, currently affected by the epidemic, the pattern of weak supply and demand is obvious, but the market sentiment is relatively obvious
.
At the same time, high inflation has benefited copper prices
.
Therefore, this operation is still mainly based on bargain hunting
.