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The copper market continued to edge higher on Wednesday, and on the macro front, the recent global economic data continued to improve, coupled with the possibility of a new stimulus package in the United States and Europe in July, the market optimism began to boil, the dollar fell, and the commodity market also saw the price of penny stocks in the stock market to make up for the rally
.
However, the epidemic in the United States continues to refresh highs, many states have suspended reopening, and crude oil prices have shown pressure
.
Above the copper market, foreign inventories have fallen, and concerns that Chilean copper mines may stop production due to the epidemic still support copper prices
.
China's June copper production exceeded expectations due to delays in smelter maintenance, and the market still expressed concerns
about copper supply from copper mines.
Copper prices are close to the highs of the beginning of the year, the dollar is close to the lows of the beginning of the year, and the dividing line of the copper market is just around the corner, waiting for the final clarity
.
The improvement in economic data in Europe and the United States in June has led to a recovery in market confidence, and optimistic expectations about the imminent introduction of a new round of stimulus measures in the United States have also boosted market risk appetite, but the synchronous increase in the number of confirmed cases of the epidemic has weakened investors' optimism to some extent, and there is a risk
of slowing down the subsequent economic repair process.
In recent months, China's consumption margin has weakened, copper inventories have turned down to rise, and downstream orders have performed poorly, and it is expected that the short-term trend of Shanghai copper may be weak
.
