Copper shock consolidation The market is still difficult to turn in the short term

In terms of the market, the domestic spot copper price rose slightly, the Yangtze River non-ferrous metal network 1# copper price was reported at 51850 yuan / ton, up 50 yuan, discount 20-liter 40; Guangdong spot 1# copper price was 51800 yuan / ton, up 110 yuan; Yangtze River spot 1# copper price 51950 yuan / ton, up 40 yuan, premium 100-liter 120; Shanghai spot 1# copper price was 51870 yuan / ton, up 10 yuan
.

Industry News:

1.
Data show that the June copper concentrate index (monthly) reported 51.
71 US dollars / ton, down 1.
76 US dollars / ton from the previous month, the third consecutive month of decline
.
After entering July, TC continued to decline, and the SMM copper concentrate index (weekly) reported at $49.
8 / ton on July 24, and the current spot TC trading hub has broken through the $50 / ton mark
.
According to SMM's understanding, at present, some copper smelters in China have been affected by the shortage of raw materials and the decline in profits, reducing production or carrying out maintenance adjustments, mainly private refineries, especially some private crude smelters in July and August this year
.

2.
The Chilean government has ruled out privatizing the Chilean National Copper Company (Codelco
).
Mines Minister Baldo Prokurica said: "In response to the statements made by some representatives who proposed the privatization of Codelco, I would like to emphasize that this is not part of the plan of the
presidential government.
Even under the special circumstances caused by the epidemic, I completely ruled out any possibility
of taking the initiative in this matter.
”

Fundamental changes: 1) the refined copper bank rose to 255,000 tons for four consecutive weeks, and LME stocks continued to fall to 129,200 tons; 2) the weekly TC of copper concentrate remained around $49, and the two striker mines in Antofagasta accepted new wage agreements to avoid strikes, and the hype on the mine side waned
.

Copper prices continue to fluctuate, the recent dollar index continues to decline, the market believes that this year or fall to 90 or even 88 line, the dollar's unexpected depreciation is good for the metal market, the recent Politburo meeting proposed that the macro policy focus from short-term "growth" to long-term "protracted war"
.
At this stage, financial attributes still dominate copper prices, under the background of the downward trend of the dollar and the high sentiment of the equity market, the copper market is still difficult to turn in the short term, but at present, it is difficult to form a resonance between fundamentals and macro, and the continuous accumulation of domestic stocks has a dragging effect on the price.