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Last week, copper prices continued to fluctuate at a high level, and the Shanghai copper weekly line closed longer and lower shadows, the center of gravity shifted slightly downward, and the main 2009 contract closed at 51300 points, down 1%.
Fundamentals, Peru said that mining production began to gradually recover in May, Chilean data showed that copper production increased slightly in the second quarter, and South American mines were weakened by the impact of the epidemic; Domestic consumption continues to accumulate in the off-season, London copper inventories continue to decline, coupled with recent exchange rate fluctuations, copper prices are strong outside and weak inside, overall support is still there, but the hype momentum is weakened
.
On the macro front, the manufacturing data of various countries in July was eye-catching, the global PMI recorded 51.
3%, rising for the third consecutive month, and the economic recovery is expected to support the medium-term copper price, while Sino-US tensions have intensified, and the overseas version of Douyin and WeChat have been boycotted by Trump, paying attention to the development
of the situation.
In terms of the market, spot copper fell slightly last week, the off-season effect is obvious, the downstream receipt is limited, the trading is concentrated in the period when traders enter the market on the dip, the supply of good copper is tight, the holder maintains the willingness to hold the price, the good copper premium remains around 100 yuan, and the difference in flat water copper is relatively favored
.
In terms of import profit and loss, the US dollar index hovered at a two-year low, the RMB appreciated relatively well, copper prices were strong outside and weak inside, and the import profit window continued to close last week, and the gap narrowed to around
200 yuan / ton.
At present, Shanghai copper in the traditional off-season in August is still in the "second stage", capital and market confidence dominate the price, in the recent many times to sort out the breakthrough without success, beware of falling into a deeper range of pullback grade, expected Shanghai copper or range shock mainly, Shanghai copper support around 51,000, strong support 50,000, the annual high temporarily around 54,000
.
