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Today's Shanghai copper opened low and fluctuated, rebounded slightly during the day and then peaked and slipped again, closing the Shanghai copper main 2109 contract closed at 69470, down 300, or 0.
43%.
Copper prices retreated last week, with the basis narrowing slightly, and the previously hotter spot market sentiment gradually returned to calm
.
Copper prices will find strong support in the short term, mainly due to persistently low
inventory levels.
The inventory in the previous period was still at a low level of less than 100,000 tons, the stock in the bonded area fell below 400,000 tons, and the social stock was around
70,000 tons.
In the case of stable demand, the support of tight supply on the overall copper price will be more obvious
.
The spread of the global mutant new crown epidemic is grim, the US one trillion infrastructure bill is stagnant, and the US employment hit a one-year high in July, the Fed's subsequent tightening may continue, liquidity may suppress subsequent copper prices, the recent global copper market confidence is weak, Shanghai copper may continue intraday fatigue, pay attention to the night bottoming situation, it is recommended to pay short-term attention to the main support of Shanghai copper around 69,000, and the strong support below 68,000.
The operation loader clears the inventory, and the downstream stock is wait-and-see, and it is taken as it
goes.
