July 15 copper market morning review

London copper fell slightly overnight, closing the doji near $6500 and opening sharply higher at $
6545 today.
Shanghai copper opened slightly higher in the night session, and the night trading volatility closed at 52360, and the short-term market sentiment drove the trend still strong
.
Shanghai copper trading declined, positions rose, market sentiment tends to be neutral, and may continue to rise with the external market today
.
The future market is wary of the US epidemic, and there is great uncertainty
in the policy after reaching a new high.
Shanghai copper upper pressure 55000, lower support 48500
.

US June quarterly adjusted CPI: 0.
6%; Expected: 0.
5%; Previous value: -0.
10%.

The US CPI rose to 0.
6% m/m after the June quarterly adjustment, the first positive growth
since February.
Eurozone ZEW Economic Climate Index for July: 59.
6; prior: 58.
6
.
UK industrial output in May was 6% m/m vs 6% expected vs.
-20.
3%
prior.
Overnight, the UK announced that it would not use Huawei 5G products, European and American economic data exceeded expectations, market risk aversion declined, the US dollar fell sharply, and non-ferrous metals opened sharply higher today after the night pullback
.

The overseas epidemic continues to deteriorate, the United States has reopened travel restrictions, and the negative impact of the epidemic on the macroeconomy will continue; In addition, the uncertainty of Sino-US relations has also cast a shadow
over the recovery of the global economy.
Although there are recent Chilean mining strikes and the impact of domestic floods on the supply side, it is expected that the overall impact level is relatively limited, downstream demand is weak, the willingness to receive goods is not strong, and domestic copper imports have increased significantly, and Shanghai copper is expected to begin to face downward pressure
.