June 30 Copper Market Brief Review

On Tuesday, the main force of Shanghai copper opened at 48490 yuan / ton in the morning, and after the opening, the short flat long-entry copper price quickly rose to 48580 yuan / ton, and after a short adjustment, the copper price maintained its rally, climbing all the way to 48760 yuan / ton
.
At this high, the bulls took profits and left the market, and copper prices rebounded again after a brief decline, until it closed at 48720 yuan / ton
before noon.
In the afternoon, the opening of the long flat short entry fell to 48550 yuan / ton, at this time the bulls entered the market, leading copper prices to continue to rise, all the way to the highest point of the day 48800 yuan / ton, the end of the day closed at 48790 yuan / ton, up 440 yuan / ton, or 0.
91%.

During the day, Shanghai copper rose strongly, mainly because the official manufacturing PMI index recorded 50.
9% in June, up 0.
3 percentage points from the previous value, and the composite PMI output index was 54.
2%, up 0.
8 percentage points
from the previous month.
The manufacturing PMI index hit a new high in March, indicating a steady recovery in the manufacturing industry, continued recovery at both ends of supply and demand, and the market expects copper demand to further strengthen, boosting market confidence and providing momentum for copper prices
.

Shanghai copper rose strongly, and has now returned to the pre-Spring Festival level, and the short-term target is straight to the 49,000 mark
.
Mainly due to the June manufacturing PMI index hit a new high since March, the manufacturing industry recovered steadily, supply and demand continued to pick up, the market expects copper demand to further strengthen, boosting market confidence and providing momentum for copper prices
.
In terms of spot, as copper prices continued to rebound, the downstream fear of heights to maintain rigid demand, traders bought less, and the characteristics at the end of the month were obvious
.