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Copper market morning comment: overnight copper prices returned to strength, Shanghai copper approached 70,000 a area, market trading is active
.
Technically, copper prices are slightly balanced in the market after the price recovery, and short-term wait-and-see
.
The preliminary annualized real GDP in the United States for the second quarter was 6.
5% versus 8.
5% expected, and the period of the fastest recovery in the global manufacturing industry may have passed, and the economic repair entered the adjustment phase, which also means that the Fed will not immediately withdraw from the easing policy measures that support economic growth, thus boosting the market's risk appetite
.
The supply of raw materials is gradually recovering, but it is still necessary to pay attention to the interference of events such as the strike, the deadlock in labor negotiations in Escondida, Chile, is difficult to break, and the world's largest copper mine is further
away from the strike.
TC has continued to recover since mid-April, and the National Food and Material Reserve Administration has successfully released the second batch of reserve copper, aluminum and zinc, and the supply of cathode copper tends to be loose
in the short term.
The performance of downstream consumption in the off-season is more obvious, except for copper plate, strip and foil plate operating rate is higher than in previous years, copper rod, copper pipe and other fields performance is relatively poor
.
Overall, the current macro copper market is profitable, and copper prices are expected to continue to rise
.
