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July 31 London Copper Afternoon Review

 Last Update: 2022-12-11
 Source: Internet
 Author: User

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Overnight, London copper opened at $6262/ton, and then fell to $6162/ton, but the weakening of the dollar and the news of the strike caused copper prices to rise to around $6250/ton, and finally closed at $6245/ton
.

Len Tong, Len Tong, Lun Copper

Although the recent strike news is frequent, there is still no substantial change in the structure of the supply side, most of the calls are high, the market has been relatively numb to its performance, if there is no large-scale strike, the impact on the price may be limited
.
China's July manufacturing PMI was 51.
2, lower than the expected 51.
3, the downward pressure on the economy remains, watch out for bears entering the market to suppress
.
It is expected that today's London copper range is 6200-6250 US dollars / ton
.

From a fundamental point of view, copper mine strike is not the current main contradiction, is expected to have limited impact, from a macro point of view, China's July manufacturing PMI, euro area GDP and other data are about to be released, uncertainty is large, the market is cautious, macro uncertainty clear, copper market or return to fundamentals, but before that, it is recommended to wait and see
.

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