July 1 Copper Market Brief Review

Stimulated by the macro positive news, Shanghai copper opened higher today, and the main 1908 contract of Shanghai copper closed at 47360 points (+360, 0.
77%)
as of the close.
The G20 Osaka Summit ended perfectly, the China-US summit made progress, the United States no longer imposed new tariffs, and there was news that restrictions on the sale of software and equipment by US companies to Huawei were lifted, and economic and trade negotiations between China and the United States were resumed.
In addition, China's official manufacturing PMI data for June was 49.
2, still below the withering line; Caixin's June manufacturing PMI was 49.
4, and the domestic manufacturing industry was sluggish, and the rebound of "Dr.
Copper" was limited
.
It is expected that the short-term copper price high volatility trend, the range is 4.
7-47,500, the downstream bargain buys less, and the merchants reduce their holdings
at the high.

Macro news: China's official manufacturing PMI for June was 49.
4 vs 49.
4 prior, 49.
5
expected.
At the G20 meeting, China and the United States agreed to restart economic and trade consultations, and the United States said that it would not impose new tariffs
on Chinese exports.

Industry news: About 3,200 union workers at Chile's national copper company's Chuquicamata copper mine returned to work
on Friday.
During the 14-day strike, the mine has been operating
at 60 percent capacity.
Colin Hamilton, a capital markets analyst at Bank of Montreal, estimated the company was cutting production by 7,000 tonnes
.
Chilean mining consultancy PLUSmining assessed the losses totaling $35 million
.