Copper prices were weak and volatile and updated their nearly one-year low during the week

In the same week, domestic spot copper prices fell overall, refreshing a nearly one-year low during the week
.
The average price of copper in Yangtze River Nonferrous Metal Network 1# was 48880 yuan / ton, down 78 yuan / ton per day, and down 0.
80% on a weekly basis; The average price of the previous week was 50,302 yuan / ton, down 1,422 yuan / ton compared with last week, down 2.
83%
from the previous week.

Inventory: Shanghai copper stocks decreased by 23,982 tons to 234696 tons this week, down 9.
27%; The cumulative decrease in the last two weeks is 11.
09%.

London copper stocks fell overall this week, with a cumulative reduction of 16,750 metric tons to 258725 metric tons, a cumulative decrease of 6.
08%.

Macro aspects:

Domestically, China's June CPI rose slightly year-on-year, hitting a three-month high, mainly affected by rising prices in healthcare, transportation and communications.
However, the year-on-year CPI growth rate was below 2% for the third consecutive month, and the month-on-month negative growth was negative for four consecutive months
.
China's June PPI was higher than expected and rose for the second consecutive month month-on-month, with year-on-year growth reaching its highest since 2018, with higher oil prices contributing the most
.
State-owned enterprises achieved a total profit of 201.
88 billion yuan in June, up 26.
4 percent
from a year earlier, according to the State-owned Assets Supervision and Administration Commission.
From January to June, the total profit was 887.
79 billion yuan, a year-on-year increase of 23%.

Internationally, the U.
S.
non-farm payrolls data for June was better than expected as the manufacturing sector increased employment
.
The unemployment rate has risen since an 18-year low, but steady hiring and growing job seekers point to a strong
job market.
However, hourly earnings grew less than expected and prior, suggesting that moderate inflationary pressures could lead the Fed to gradually raise interest rates
.
The U.
S
.
PPI rose slightly more than expected in June, the biggest increase in six and a half years, mainly driven by higher gasoline prices and higher costs in the service sector and motor vehicles.
The US CPI m/m rose slightly after the June quarterly adjustment as gasoline prices slowed and clothing prices fell, but the underlying trend still points to a steady rise
in US inflationary pressures.

Copper Market News:

BHP Billiton Plc said it offered a proposal for a new labor contract to the workers' union at its Escondida copper mine in Chile, including an inflation-adjusted salary and a $23,000 bonus
per worker.
The latest contract proposal fails to meet some of the union's previous needs
.

2.
Chile's Zaldivar copper mine signed a new power supply agreement
with Chilean electricity company Colbun.
The mine will be the first in the world to use 100% renewable energy, combining hydropower, solar and wind power, which will help reduce greenhouse gas emissions by about 350,000 tons per year, which is expected to last for 10 years
.

Outlook for the future market: According to the latest data released by the General Administration of Customs, China's exports in June this year grew more than expected, but the growth rate of imports was nearly "cut off"; Among them, copper imports fell in June, but hit a new high in nearly nine years year-on-year, which is not conducive to the rebound
of copper prices.
However, in terms of the seasonal characteristics of the copper market, the probability of copper prices rising in July is high, and the second round of consumption season will also be launched, superimposed on inventory dematerialization or some support below copper prices, and copper prices are expected to fluctuate next
week.