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On Monday, the main force of Shanghai copper fluctuated to the downside
.
At the end of the day, the main 2208 contract of Shanghai copper closed at 58480, down 1210, or 2.
03%.
On the macro front, the US non-farm payrolls data for June exceeded expectations, indicating a strong labor market, offsetting some recession fears and prompting the Fed to accelerate the pace
of monetary tightening.
The dollar index continued to rise, while demand in Europe and the United States fell sharply in June, and new manufacturing orders data were worrying, which continued to suppress copper prices
.
In terms of the market, Shanghai Metal Network 1# electrolytic copper quotation 58470-58600 yuan / ton, the average price of 58535 yuan / ton, down 1065 yuan / ton from the previous trading day, the 2207 contract up 90-120 yuan / ton
.
The intraday spot market transaction was general, and the premium rose by 30 yuan / ton
compared with the previous trading day.
Downstream on-demand consumption, on the eve of delivery, the basis of the contract of the current month and the next month of copper is narrow, there is no arbitrage space, the performance of the spot market is flat, the mainstream of intraday flat water copper rises about 90 yuan to trade, good copper rises about 100 yuan to trade, and the difference flat water copper rises about 80 transactions, wet copper is rare
.
Copper prices continued to weaken
this week, dragged down by the continued strength of the US dollar.
However, the latest release of domestic social finance data for June exceeded expectations, and this week will release US inflation data for June and economic data, if the US inflation data does not exceed expectations, domestic economic data continues to rise, will have a certain boost to market sentiment, copper prices are expected to stop falling and stabilize
.
However, at present, domestic copper demand is still weak, or there is a certain drag on copper prices; Short-term copper prices are expected to show a bottom-bound trend
.
Under high inflation, the global central bank aggressively raised interest rates, the economic growth rate in Europe and the United States is likely to slow down, and overseas copper consumption is also expected to weaken
.
Moreover, copper supply pressure will gradually appear in the second half of the year, so copper prices will still be dominated by a downward trend in the medium term
.
