Copper prices are generally at a low sideways market weakness, showing a slight resilience

On the macro front, the Fed has repeatedly made dovish remarks, and the recovery of the new crown epidemic in many countries is mixed
.
On the supply side, TC continued to rise, refined copper production grew rapidly, imports slowed down, and South Africa strikes affected short-term supply
.

In terms of news, the CSPT team finalized the guidance price of copper concentrate processing fee of 55 US dollars / ton and 5.
5 cents / pound in the third quarter, which is higher than the guidance price in the first quarter, indicating that the supply of copper concentrate is loosening month-on-month, but there are still hidden dangers in overseas copper supply, and in the case of high cold material processing costs, electrolytic copper production in July is expected to increase by 20,000 tons month-on-month
.

In terms of consumption, the operating rate of scrap copper rod enterprises remains high, the high prosperity of the automotive and electronics industry continues to drive the operating rate of copper plate and foil, the fine copper rod industry may show a state of off-season, raw material prices are easy to rise and squeeze production profits, and the consumption off-season of the copper pipe industry may come early
.

Last week, domestic electrolytic copper social stocks fell by 6,600 tons, bonded stocks fell by 4,300 tons, the recent stable and relatively low copper prices made social stocks enter the destocking cycle, coupled with the US economy still has room to rise, the European economy began to recover, it is expected that the global electrolytic copper low inventory is sustainable
.
Copper prices are in a consolidation period, it is recommended to maintain a wait-and-see
first.