Copper market performance is strong, Shanghai copper rose sharply during the day

On the macro front, although Brexit is still going on, the panic in the market has greatly relaxed, Asian stock markets, dollar indexes, gold are within the range of the market's reaction when the British referendum result came out last Friday, and now it is time to erase all traces
.
From the perspective of the commodity market, the recent sharp rise in black and agricultural products, the problems on the supply side have turned the fundamentals of many commodities into shortages, and the market has fully reflected the worst times, and the rebound in commodity prices has occurred
from time to time.

In terms of the market, the price increase does not seem to be supported by the spot market, on Tuesday, the domestic spot premium fell by 50 yuan to 10-70 yuan, the holder seized the opportunity to sell high, the downstream fear of heights is stronger, the characteristics of oversupply are obvious, the transaction is increasingly weak and cold, and this performance is more normal
in the off-season.
On the supply side, mining giant BHP plans to boost exploration spending by 29 percent next year, spending almost all of its $900 million budget on oil and copper
.

Shanghai copper rose sharply during the day, and the renminbi depreciated sharply, making the internal market stronger than the external market
.
On the whole, global macro risks are increasing, and the pattern of strong supply and weak demand is difficult to improve
in the short term.
It is expected that the rebound in copper prices will be limited, and there is still room
for downside.