Copper is still under pressure in the short term, but the pullback continues to be long, and the idea does not change

In terms of the market, the domestic spot copper price fell, the Yangtze River spot 1# copper price was reported at 50240 yuan / ton, down 260 yuan, premium 0-20; Shanghai spot 1# copper price was 50150 yuan / ton, down 285 yuan / ton
.
In the spot market, inventories continue to increase, market buying is still weak, holders continue to actively adjust prices to dump goods, the discount expands again, downstream consumption is not optimistic, and the transaction of low-priced sources is better than that of high-priced sources
.

In terms of news:

Chile's national copper company (Codelco) has submitted an environmental impact assessment report on the Salvador reconstruction plan for the aging copper mine, which, if implemented, would significantly increase the mine's production and extend its mining life by 40 years
.

The International Copper Research Organization predicts that the copper supply gap will reach 90,000 tons this year, more than
double the gap forecast in April.
Domestic demand for terminal products such as automobiles and home appliances has gradually declined, and copper prices lack momentum in the near future
.

Rio Tinto said in a statement Tuesday that ground conditions and excavation challenges at the Oyu Tolgoi copper mine operation in Mongolia mean the first production of the mine's expansion project could be delayed
.
Project costs will remain at a budget level of around
$5.
3 billion.

The overall capacity of the intraday spot market is not strong, coupled with the abundance of imported goods, resulting in a decline
in prices.
Operationally: the Shanghai copper 1811 contract fluctuated around 500 million yuan today, and the tail market closed at 50150, and the short-term Shanghai copper 51000 was under pressure, but the fall continued to do long ideas without changing
.