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First, macroeconomics
First, macroeconomicsDomestic aspects:
1.
China's June CPI was 1.
5% year-on-year, June PPI was 5.
5% year-on-year, CPI and PPI expansion were the same as last month, and the continued sluggish state made the market optimistic expectations for China's economy in the third quarter decline.
2.
China's exports in June were 17.
30% year-on-year, an increase of 1.
8 percentage points from the previous month; imports in June were 23.
10% year-on-year, an increase of 1 percentage point from the previous month; Both better-than-expected import and export data indicate that domestic and foreign demand has improved, and investor confidence has returned
.
International aspects:
1.
The number of non-farm payrolls in the United States increased by 222,000 in June, an increase of 70,000 from 152,000 in the previous month, and the unexpected strengthening of the non-farm payrolls indicates that despite the current moderate inflation in the US economy, the strong labor market may support the Fed to raise interest rates again in December
.
2.
The US labor market condition index in June was 1.
5, down 0.
8 percentage points from the previous month, and the sharp lower than expected job market in June indicates that the US economic growth momentum has slowed, and investors' views on the future of the dollar are not as optimistic
as at the beginning of the year.
Second, this week's market trend analysis
Second, this week's market trend analysis(i) Market analysis
(i) Market analysis
Analysis of key products of cable raw materials (copper): this week (July 10-July 14) copper prices narrow range, the price of the week first fell and then rose and then fell, the overall fluctuation range is limited, taking the Yangtze River spot market as an example, according to the cable network monitoring data, the average copper price at the beginning of the week was 46810 yuan / ton, the average copper price on Friday was 46910 yuan / ton, up 100 yuan / ton, an increase of about
0.
21%.
Macro: Domestically, the central bank restarted the reverse repurchase operation of 40 billion yuan on the 11th, and the action interrupted for more than ten consecutive days has recovered, which has also eased the situation of investors' concern about the loose capital surface, and the monetary policy continues to remain stable and neutral
.
Abroad, data released by the US Department of Labor on July 13 showed that the number of initial jobless claims in the United States fell for the first time in a month to 247,000 in the week of July 8, slightly higher than expected, combined with a strong labor market that may prompt the Federal Reserve to raise interest rates for the third time in December this year and announce a reduction in its huge balance sheet
in September.
Market: The overall fluctuation range of copper prices this week is small, and there is no obvious unilateral market, and the price change in the spot copper market is naturally not large
.
This week's spot copper market is not as popular as last week, and the downstream is basically based on on-demand procurement, and no merchants have entered the market to purchase in large quantities
.
At the beginning of the week, the cargo holders wanted to ship at a high price, but helplessly a large number of imported copper sources flowed into the market during the week, and the good copper premium continued to fall, and even reported to flat water
for a while.
However, in the second half of the week, as the delivery period gradually approached, the price difference between Shanghai copper in the current month and the next month widened rapidly, and the holders continued to raise the premium shipments, and good copper rose by about
100 yuan.
Traders were relatively active during the week, becoming the main force of market transactions
.
As far as the future market is concerned, merchants mostly believe that although foreign strikes still occur from time to time, market demand in July must perform poorly, and under this condition, copper prices are likely to continue to fluctuate widely
.
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