A brief review of Shanghai copper on July 12

On the macro front, macro sentiment eased, and the Fed said that there was no need to rush to adjust monetary policy, and the domestic RRR
was lowered.
On the supply side, TC continued to rise, refined copper production grew rapidly, imports also showed high growth rates, and supply showed signs of
easing conditions.
On the demand side, domestic inventories continued to decline, premiums rose, imports were close to profitability, bonded premiums rebounded at a low level, and more prices
were on the side.
Overseas inventories continue to increase, but PMI in Europe and the United States has reached a new high, and the logic of overseas demand is still there
.

On Friday, the domestic central bank cut the reserve requirement to promote market confidence, coupled with the high level of the US index fell back Shanghai copper rose to hit the 70,000 mark, the current Shanghai copper is still in the demand off-season, overseas new crown virus spread hit the industrial recovery, the overall consumption situation suppresses fundamental power, Shanghai copper main force 70,000 mark pressure level effect is strong, is expected to maintain a high volatility market in the near future, tomorrow's copper price may have a small fall, the night trading slightly rushed back to sort
out.
At present, the copper trend has not yet formed, and it is unlikely that it will fall or rise
.
Shanghai copper shock reference range: around
6.
8-70,000.
The operation is mainly shipped by the shipper, and the short-term goods
can be considered near the bottom of the downstream range.