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Recently, copper prices are mainly in a narrow range, and the RRR cut landed on Friday, driving copper to open higher on Monday, but the slightly weak domestic economic data and overseas continued delivery drove copper prices to pullback, and at the end of the week by the dovish statement of the Federal Reserve chairman, copper futures strengthened again, and the overall trend range during the week fluctuated
.
This week, the domestic refined copper community is still in the decline channel, and the recent tightening of scrap copper supply and refinery production disturbance are expected to continue
.
Consumption has a certain degree of resilience, and the recent recovery in demand in the cable field, which started the weakest in the first half of the year, may weaken the off-season effect
of consumption in the third quarter.
TC continued to rise, refined copper production grew rapidly, and imports slowed down
.
It is expected that copper prices will still operate in a narrow range in the short term
.
In terms of news, the CSPT team finalized the guidance price of copper concentrate processing fees 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 fees, it is expected that electrolytic copper production in July will 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 24,200 tons, bonded stocks increased by 4,200 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 low electrolytic copper inventory is sustainable
.
Copper prices have entered a consolidation period, it is recommended to maintain a wait-and-see
first.
