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Copper prices fell back last week, and as of 3 pm on Friday, the main 2108 contract of Shanghai copper was reported at 68920, a weekly increase of 0.
97%.
On July 5, the first batch of 20,000 tons of copper auction was completed, and in the early morning of July 8, the minutes of the Fed's June meeting were released, there were differences on discussing the reduction of QE, macro bearish has landed one after another, and recently entered the vacuum period of news surface, copper price volatility expanded, but lacked breakthrough momentum
.
Affected by the landing of the first batch of auctions of China's national reserve copper and the divergence of the Fed's tightening of monetary policy, Shanghai copper once rose during the week to test the 70,000 mark and then fell
.
At present, Shanghai copper is still in the off-season of consumption, and it is difficult for fundamentals to guide the price trend, while the domestic crackdown on copper financial attributes still exists, coupled with the expected impact of tightening US dollar liquidity, the overall trend is not clear
.
In terms of the market, spot copper rose by 590 yuan last week, the premium was relatively stable, and the good copper premium was 180 yuan
.
Buying is relatively weak due to the impact of off-season consumption, especially on Tuesday and Wednesday close to the high of 70,000, the seasonal destocking of the previous period, the willingness of holders to hold prices is strong, the premium is high, and there is not much
room for downward adjustment in the near future.
In terms of import profit and loss, the Fed has disagreements on tapering QE, and the dollar index is not volatile this week, and the import window continues to close, narrowing to around
100 yuan / ton.
Last week, Shanghai copper first rose and then declined, rushing back down, and as of Friday's close, the main 2108 contract of Shanghai copper closed at 68920 yuan / ton
.
In the medium and long term, due to factors such as green energy consumption and copper mine supply, copper has demand expectations to support prices, but short-term consumption is not good, the annual high has basically peaked, Shanghai copper in July or will still maintain a high volatility market, short-term attention to 6.
8-69,000 shocks, or break to around 67,500-70,000, and then wait for the industrial peak season to form the next round of market drive
.
It is expected that next week's Shanghai copper will fluctuate at a high level
.
