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Today, Shanghai copper maintained a range-bound market, first suppressed and then rose, and the main 2108 contract of Shanghai copper closed at 68390, up 130, or 0.
19%.
On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, and although the dollar has been strong after this interest rate meeting, it is largely an overdraft
of future economic growth.
In terms of fundamentals, the current TC price continues to rise, coupled with the domestic storage rumors landed, so the supply side has a more negative impact on copper prices, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, but due to the current market Fed dumping rumors interference and the impact of the possible tightening of central bank liquidity around the world, so overall, the current relatively neutral attitude
is maintained.
Recently, copper prices in both internal and external periods have begun to fluctuate in a narrow range, entering the second half of the year, with the release of some new production capacity, copper concentrate supply may further increase
.
With the end of the smelter overhaul, it is possible to return to the accumulation cycle
.
Entering July, with the peak of macro liquidity and the arrival of the off-season on the fundamentals, it is expected that copper prices will shift their overall focus
downward in July.
