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Copper market morning comment: On Monday night, the US market was closed for a holiday, and the London market rose collectively
.
As of the close, London copper futures closed at 9512.
5 US dollars / ton, up 133.
5 US dollars / ton, domestic nonferrous night trading followed, Shanghai copper futures Cu2108 reported 69390 yuan / ton, up 0.
81%.
The overall mixed US employment data for June may not be enough to reinforce market expectations
for a rapid tightening of monetary policy by the Federal Reserve.
The domestic manufacturing PMI in June was still at a boom level, but the economy had an initial slowdown momentum, and new export orders fell further, reflecting that the export boom had not improved
.
The disturbance of the epidemic and strikes in South America gradually recovered from the mine end, and the maintenance of domestic copper enterprises in July was small, and the supply of copper mines tended to be loose
in the short term.
In the context of the off-season of downstream copper consumption, the pressure of copper accumulation in the future market may be relatively large
.
Overall, there are many negative factors in macro and fundamentals, and it is expected that the copper market will continue the logic of Fed policy contraction expectations, or due to economic data that is less than expected and some officials' dovish speeches cause interference
.
