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Today's Shanghai copper opened high and low into a high volatile market, and the main 2009 contract of Shanghai copper closed at 50340 as of the day, up 30, or 0.
06%.
Overnight, Shanghai copper rebounded strongly to return to the 50,000 mark, intraday rebound momentum weakened, converged most of the gains, night trading or further consolidation to seek direction, shock finishing range around
5-51,000.
Sino-US relations are the fuse, and there are also empty factors in the fundamentals
.
There is still a lot of uncertainty about how copper prices will be interpreted next, with the upward drive coming from the unexpected recovery of the consumer side, the interference at the mine end continuing to increase, and the downward driving coming from the swing of policies, the improvement of the epidemic in resource countries and the inflection point
of inventories.
Overseas demand has gradually recovered, and LME inventories have continued to deteriorate, falling by almost 60% since mid-May to their lowest level since March 2019; Institutional data showed that the output of China's main smelters fell year-on-year in July, and spot copper prices were expected to rise due to
the impact of summer maintenance.
