Economic recovery improving quarter by quarter Shanghai copper trend is strong

In the week of July 10, domestic spot copper prices continued to rise
.
The average price of Yangtze River nonferrous metal network 1# copper was 49964 yuan / ton, up 258 yuan / ton per day, and up 2.
61% on a weekly basis; The average price of the previous week was 49190 yuan / ton, up 774 yuan / ton compared with last week, up 1.
57%
from the previous week.

In terms of inventory, Shanghai copper stocks continued to rise during the week, increasing by 23,018 tons to 137336 tons, an increase of 20.
14%.

Copper stocks continued to deteriorate during the week, with a cumulative decrease of 25,300 metric tons to 181075 metric tons, a cumulative decrease of 12.
26%.

The pandemic has already caused the global economy to shrink, with the World Bank projecting a 5.
2% contraction this year, with its latest forecast revised down again if the uncertainty over the pandemic and business lockdowns
persists.
Some countries have already controlled the epidemic, the resumption of work and production in major economies is still advancing, the global economy will recover slowly in the second half of the year, and China's economy will lead the recovery
.
However, the number of confirmed cases is still rising globally, and the rebound of the epidemic may hinder the recovery of the US economy
.

China's economic recovery has improved quarter by quarter, and a proactive fiscal policy
will remain in place in the second half of the year.
Overseas demand is beginning to gradually recover, and global economic stimulus measures will support the recovery
in the longer term.
Due to the need for rush work, copper consumption in the traditional off-season in China may not be light, and the operating rate of wire and cable exceeds expectations; The agency said that the copper concentrate market will tighten this year, and the impact of the epidemic on supply will continue beyond this year, and copper prices are expected to fluctuate
at high levels.