The deteriorating situation in Russia and Ukraine has led to a tight energy supply and pushed up prices. From the exclusion of SWIFT to some Russian banks in Europe and the United States to the European meeting demanding restrictions on Russian energy imports, with the increasing sanctions imposed by Europe and the United States on Russia, European energy supply is facing the risk of interruption, pushing up the global market. Inflation expectations, superimposed global manifest inventories are still at a historically low level, and overseas manifest inventories are 71,400 tons, a year-on-year decrease of 10.59%, forming strong bottom support for copper prices.

Overall, the current rising inflation expectations and the low level of global manifest inventories are the main logic for the operation of copper prices. In the short term, attention should be paid to the marginal changes in the situation in Russia and Ukraine and changes in LME copper inventories.