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Copper market morning comment: last Friday, overnight copper prices jumped low, the main 2209 contract closed at 62210 yuan / ton, down 1.
14%.
The July social finance data released on Friday was less than expected, indicating that the downward pressure on the domestic economy is still large, and subsequent domestic copper consumption may continue to be weak; The previously released July manufacturing PMI fell below the dry line, and it is expected that the domestic July economic data released this week is likely to be less than expected, thus weighing on copper prices
.
Copper inventories rose by 7,043 tonnes to 41,800 tonnes last week, and with the end of smelter maintenance and the resumption of production and the commissioning of new projects in August, inventories are expected to continue to recover, and low inventories may weaken
copper prices.
Moreover, under high inflationary pressure, overseas central banks will raise interest rates sharply, and overseas economic growth will decline
.
Under the pressure of slowing global economic growth and weak copper consumption, copper prices are expected to fall back to the high level, and the operation can consider establishing short orders
at high prices.
