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The copper market performed strongly last week, and copper prices managed to break the year-start high after holding steady at 6,000
.
The epidemic has triggered supply risks, the construction of many key projects in Chile has been suspended, smelter profits have not improved, TC will remain low in the third quarter, Chinese demand continues to recover, and copper prices continue to be strong
.
At the macro level, economic data from China and the United States was better than expected, and the news about the new crown drug in the United States overshadowed concerns about the epidemic over the weekend
.
The copper market is still strong outside and weak inside, foreign inventories have declined, warehouse receipts have increased, and concerns about Chilean production remain.
Peru resumed full production capacity
at the end of July.
The copper market is at a long-term pressure level of $6400/500, waiting for the final clarity
.
The worsening of the overseas epidemic situation has cast a shadow
over the recovery of the global economy.
From the released data, South American copper mine production has not actually declined, considering that the current copper price has reached a high level, copper mine production is not expected to decline
significantly.
The ninth batch of copper scrap approvals has increased significantly, and the supply of scrap copper may have a certain substitution effect on refined copper, while demand is still weak, and it is expected that Shanghai copper prices will begin to come under greater pressure
.
