July 17 Copper Market Brief Review

Overnight, Shanghai copper rushed back down, and returned to the pressure level of 47,000 in the day
.
Among them, the news is that the Fed meeting once again released an easing monetary policy attitude, but the market reaction has been reflected in the early stage, the overall boost effect is limited, while the US retail sales growth in June exceeded expectations to show strong consumer spending, further boosting the dollar index, which suppressed
copper prices.
Macro countercyclical adjustment and monetary policy easing have also brought certain benefits
to copper prices in the medium and long term.

The average price of electrolytic copper in East China of the South Reserve: 46900 yuan, flat, the monthly discount quotation: 20 to 70, up 5
.
In the morning, the quotation of the cargo holder remained stable, and the premium quotation was 30-80 yuan / ton, which was basically the same as yesterday's range; The activity of traders has been improved, the market has many sources of circulation, the willingness to enter the market to receive goods and purchase is obvious, the transaction price of flat water copper market is concentrated in the premium of 20 yuan / ton, the transaction situation is good, and the space for continued pressure is small; The price of good copper remained at 70 yuan / ton, and the price was stable; Downstream demand has not changed much, maintaining rigid demand
.
Today's premium situation is stable, the fluctuation range is small, the trading atmosphere among traders has improved, and the transaction situation is better
.
The premium copper is 70-80 yuan for the current month, which is flat; flat water copper premium 20-30 yuan, up 10; Wet copper discount 40 - discount 30 yuan, down 70
.

The average price of electrolytic copper in South China: 46860 yuan, flat, the monthly discount quotation: -10 to 10, flat
.
The market is abundant, the sentiment of holders is not high, in the morning flat water copper reported -10 yuan / ton, good copper + 20 yuan / ton, the same as yesterday, traders are accustomed to holding a wait-and-see mentality, temporarily waiting
.
Around ten o'clock, the market began to have -20 yuan / ton of flat water copper, good copper also dropped to about +10 yuan / ton, traders want to continue to reduce prices, but the willingness of holders to further reduce prices is not high, and other relatively good flat water copper insists on posting 10 or +0, see that the price pressure is hopeless, transactions began to increase
one after another.
Overall, traders have taken advantage of the low demand for receiving and delivering long orders, and the downstream maintains on-demand procurement, and the transaction performance is still average
.

The short-term fundamental copper supply increase and consumption weakness superimposed, dragging down prices: domestic electrolytic copper production in June increased by 11.
8% year-on-year, with a current value of 804,000 tons; while domestic copper production in June was 1.
751 million tons, an increase of 13.
4% year-on-year, which formed a certain offset effect on the reduction of copper imports in June, and copper prices formed a short-term suppression effect
.