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:
It was announced this week that the annual rate of CPI in the United States in December was not adjusted at a quarterly rate of 7%, the biggest 12-month increase since 1982. From the CPI sub-item, the main reason for the rise in CPI is the rise in residential and used car prices. Food costs also contribute. Energy prices, the main driver of inflation for much of 2021, fell last month. Judging from the market reaction, the rise in CPI has once again boosted market expectations that the Fed will start raising interest rates in March. But Powell's unexpected dovish speech made the dollar fall back quickly, and commodities generally rose under the logic of strong inflation.
From a fundamental point of view, the domestic inventory finally showed a small accumulation shape during the week, and in the case of weak import price performance, the import supply is basically in the form of bonded warehouse. In China, there has been a market of bonded warehouse and domestic social inventory which have not been seen for a long time at the same time. At the same time, the rising market prices have gradually highlighted the fear of heights in the lower reaches, and the lower reaches have concentrated stocks one after another last week, further weakening the performance of consumption during the week. In addition to some downstream on-demand replenishment before the festival, it is expected that the traditional off-season cycle of the Spring Festival will basically come, and copper prices will continue to be under great pressure.
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