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Copper market morning comment: Shanghai copper fell 0.
45% to 71290
yesterday.
The main Shanghai copper futures contract continued to come under pressure on Thursday, with prices hovering
around 71,000 yuan.
After the afternoon close, LME copper fell sharply, and there were rumors
of copper dumping in the market.
On the macro front, the US non-farm payrolls data for April-May has been less than expected, which will block the Fed's withdrawal from quantitative easing, and the current loose monetary policy will continue
.
The domestic PMI new export orders index in May reached a new high, and the continuous improvement of external demand has stabilized the pace of recovery of the manufacturing industry, but the rapid rise in copper prices has affected
the economic operation order.
The disturbance of the South American epidemic, strike and other events to the mine end gradually recovered, and the downstream copper market was cautious and wait-and-see sentiment
.
The state reserve bank will continue to throw copper to terminal enterprises until the end of this year, and will increase copper supply
.
Overall, copper prices are still at a relatively high level, especially when overseas monetary policy has not been tightened, and the contradiction between liquidity and supply and demand will be more prominent
.
