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Copper market morning comment: Shanghai copper bottomed out overnight, the market trading was active, the main 2209 contract closed at 62100 yuan / ton, up 0.
1%.
According to SMM research, Zhejiang and Anhui smelters are currently reducing production due to power cuts, which will put pressure on the expected growth of electrolytic copper production in August, in the context of the current low domestic copper inventory, supply disturbances have some support for copper prices, last week's copper stocks increased by 7,043 tons to 41,800 tons
.
The domestic economic data released this week for July was less than expected, indicating that the downward pressure on the domestic economy is still large, and the new construction of real estate fell by 45.
4% year-on-year in a single month, and domestic copper consumption may continue to be weak
under the drag of real estate.
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 come under pressure above and fluctuate at a high level in the short term
.
