Downstream demand is still weak The Shanghai copper market continues to weaken

On the news front, Chile's copper commission (Cochilco) said Chile's total copper production fell 2.
55% in May to 478,800 tons
.
According to foreign news on July 4, water shortages and deterioration of ore grade affected Chile's copper production in the first half of this year, resulting in the country's copper concentrate exports from January to May falling by 13%
year-on-year.
On the supply side, there are more disturbances at the mine end and processing fees are reduced, but the increase in domestic smelters is obvious, and the window for spot imports has also been opened
.

In terms of the market, Shanghai Metal Network 1# electrolytic copper quotation 60850-61600 yuan / ton, the average price of 61225 yuan / ton, down 335 yuan / ton from the previous trading day, the 2207 contract up 60-liter 110 yuan / ton
.
The spot market transaction was weak, and the premium fell by 30 yuan / ton
from the previous day.
Copper prices continued to be weak, downstream consumption was sluggish, and spot premiums remained weak
.
During the mainstream period, flat water copper rose about 60 yuan to trade, good copper rose about 80 yuan to trade, wet and poor copper rare
.

In terms of inventories, LME copper stocks continued to increase, rising by more than 10,000 tons to 136,900 tons, refreshing a nearly one-month high
.
Weekly copper inventories increased significantly in the previous period, although Shanghai copper warehouse receipt inventories fell
slightly on Monday.
Although the epidemic prevention and control has been relaxed, domestic copper consumption is still weak
.
After the recent fall in copper prices, it did not boost the downstream demand for bargain hunting, spot quotations followed the fall in copper prices, and copper inventories in the previous period began to accumulate in June, and it is expected that under the influence of the recovery of production after the end of domestic refinery maintenance in Shandong refinery, the subsequent accumulation
will continue.

Copper prices fell endlessly, receiving sentiment was frustrated, only maintained the price pressure just need to buy, the overall trading volume declined
.
Copper prices are still facing downward pressure on the global economic outlook, the US dollar continues to run high, coupled with the active interest rate hikes by major central banks around the world, while LME inventories continue to increase, downstream demand remains weak, and Shanghai copper is getting farther and farther
away from the bull market.