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Last week's Shanghai copper main force as of Friday's daily close has been a slight adjustment of the shock trend, to Friday night the sudden downward gap copper price broke the adjustment, fell 1710 yuan, closed at 3.
32%, to 49720 yuan
.
Externally, LME copper prices closed down $242 at $6,235.
9 a tonne
in March.
Fundamental analysis, macro level, in June, the total retail sales of consumer goods nationwide was 3.
35 trillion yuan, down 1.
8% year-on-year, and the decline narrowed for four consecutive months, with a cumulative narrowing of 18.
7 percentage points, and the domestic consumption side was generally good;
Internationally, the United States announced sanctions against WeChat and TikTok in the United States, and the string of Sino-US relations was tightened
again.
On the supply side, Chile's national copper company recently announced the restart of its new construction projects closed due to the epidemic, but the tight supply of global copper mines is difficult to break in the short term
.
On the demand side, many cities in China have tightened real estate control policies, from the aspects of talent purchase and sale restrictions, increased purchase restrictions and loans, etc.
, to ensure the rigid demand for housing, curb investment speculative demand, superimposed has now entered the off-season of copper consumption, and the demand can not be enough to act
.
In terms of inventory, the inventory of the previous period increased by 11,942 tons last week, the inventory in the bonded area increased by 10,000 tons, the LME copper inventory continued to decrease by 10,175 tons, and the global inventory was still less than 600,000 tons, which was at a historical low, but the domestic inventory rose more in the past month, and the internal and external stocks had a trend of differentiation
.
In general, the low TC fee on the supply side, coupled with low sulfuric acid prices, inhibits smelting enterprises from starting production and then strongly supports copper prices from the bottom, and the demand side has entered the off-season of copper consumption, superimposed on further upgraded real estate regulation, and the subsequent weak demand situation may become dominant
.
Risk points focus on recent developments in Sino-US relations
.
In the short term, it can wait for copper prices to stabilize and choose the time to take advantage of the
dip.
