Conflict between Russia and Ukraine pushes up copper prices to an all-time high downstream consumption has not appeared in the peak season [selected SMM Copper Weekly]

This week, the "SMM Copper Industry chain Weekly report" was released, and the editor selected hot topics, prices, quotations or major changes in the industry chain and published articles for your reference. Welcome to subscribe to the "SMM Copper Industry chain Weekly report" to learn more.

The following is an excerpt from the weekly report of SMM copper industry chain:

Geopolitics was the main theme of market transactions in February. European and American countries imposed sanctions on Russia in February, which led to a certain energy shortage crisis in the world, especially in Europe. European natural gas and crude oil prices rose rapidly. The energy shock brought about a rise in metal port costs and once again exacerbated market inflation expectations, allowing commodities to rise collectively, while non-ferrous commodities rose collectively under the pressure of Lenny, and Lun Copper hit a new high. The future war between Russia and Ukraine will still influence the trend of copper prices.

Judging from the domestic situation, the pace of resumption of production of domestic smelters in February is relatively stable, with an output of 835700 tons in February, an increase compared with Synchronize; from the smelter plan in March, the northern smelter will gradually recover from the interference caused by the Winter Olympic Games. Although some smelters will gradually begin to enter the state of maintenance in late March, the loose supply of crude copper in the market has little impact on the output of electrolytic copper. Domestic production of electrolytic copper is expected to be 865900 tons in March, an increase of 3.6 per cent from the previous month and 0.6 per cent year-on-year.

Demand continues to be difficult to improve after returning from the Spring Festival. Under high copper prices, both real estate and national grid power investment have obviously not entered the peak season of consumption, and the long logic of the market is still struggling to support under low inventory.

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