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Copper market morning comment: Yesterday's Shanghai copper 09 contract closed at 61480 yuan / ton, down 1.
98%, and closed at 61970 yuan / ton overnight, up 0.
05%.
London copper closed at $7,978/mt, down 1.
40%.
In terms of spot, Shanghai electrolytic copper spot reported a premium of 30 ~ 110, a flat water copper transaction price of 62290 yuan / ton, and a liter copper transaction price of 62310 yuan / ton
.
China's July economic data was weak, and the central bank cut the MLF and reverse repo rate by 10bp again after seven months, and the market sentiment was cautious
.
The scope of high-temperature power curtailment in central China, southwest China and other places has been expanded, and some refineries have reduced load production
.
In August, with the end of smelter maintenance, production resumed, and new projects were put into operation, domestic electrolytic copper production approached 900,000 tons, and imported copper continued to pour in.
High temperature power cuts also have an impact on consumption, and inventories are expected to recover, and low inventories weaken
the support of copper prices.
From the perspective of trading logic, the macro trading logic is suspended, and multiple economic data are needed to continue to confirm the depth of economic decline, and the center of gravity of inflation expectations has rebounded slightly, making it difficult for the current price to fall sharply for the time being; However, the fermentation of fundamental bullish or with the end of next week's delivery has no room for further speculation, the price rebound trend may be suspended, and the price will enter a high range shock operation posture, and will not change the expectation
of medium-term pressure trend.
