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On Tuesday, the main force of Shanghai copper fluctuated
widely.
At the end of the day, the main 2208 contract of Shanghai copper closed at 56030, up 720, or 1.
3%.
On the whole, copper prices are still mainly under pressure, and the short-term over-fall rebound cannot change the medium and long-term trend
.
On the macro front, the EU plans to voluntarily reduce gas use
by 15% starting next month due to concerns that Russia may stop fuel supplies.
This further suppresses
the future economic outlook, which was originally skewed by rate hikes.
On the mine side supply side, weather in central Chile continued to affect copper concentrate shipments last week, with Chilean shipments down 50%
from normal levels.
Transportation remains poor in Africa, and the Democratic Republic of Congo plans to expand its main border post with Zambia to ease the 60-kilometer truck queues copper miners face this year due to increased production and inadequate infrastructure
.
On the demand side, smelters are operating normally, purchasing on demand, and raw material stocks are still relatively abundant
.
At the same time, the domestic port inventory of copper concentrate fell by 68,000 tons from the previous suppression, but remained at a high level of 915,000 tons, and the TC price only fell slightly by $0.
17/ton to $72.
33/ton
.
In terms of consumption, due to the continuous decline in copper prices, the enthusiasm of some downstream enterprises to purchase has rebounded slightly, and the market premium quotation has also risen, but the improvement in demand is not very significant
.
Mainly because the current market may be more severely suppressed due to the impact of continued interest rate hikes in the future, the fear of decline still exists, so although demand has recovered slightly, the overall situation is still difficult to be optimistic
.
In terms of stocks, LME stocks rose 0.
06 million tonnes to 136,200 tonnes
yesterday.
SHFE stocks fell 0.
07 million tonnes to 25,400 tonnes
.
In general, before the July interest rate meeting, the short-term market sentiment may still be relatively cautious, so futures operations are still mainly wait-and-see for the time being, and enterprises with procurement needs can properly stock up on spot
.
