Limited bottom support There is downward pressure on Shanghai copper

On the macro front, Eurozone GDP in the second quarter was -15% year-on-year, -14.
5% expected, and -3.
1%
in the previous month.
US personal income in June was -1.
1% m/m vs -0.
7% expected and -4.
2%
prior.
US July Chicago PMI 51.
9, 44 expected, 36.
6
previously.
On Friday, the US economic data slightly exceeded expectations, but the European economic data that the market hoped for was less than expected, and Sino-US relations continued to be tense, and non-ferrous metals mostly fell
.

In the spot market, holders restarted their upward sentiment, downstream procurement enthusiasm improved slightly, and overall trading enthusiasm increased
.
Mine production in major copper producing countries such as Chile is gradually recovering, the tight supply at the mine end may slow down, the domestic consumption season has entered the off-season, downstream orders have decreased, and the bottom support of copper prices is limited, and there is downward pressure
.

Industry News:

1.
Chile's June copper production fell for the first time since the pandemic, falling 0.
6% to 472172 tonnes
.
Chile's manufacturing output fell 8.
3 percent
in June.

2.
The latest copper production target for 2020 is 280,000-300,000 tons, which remains unchanged, but at the same time advocates that the risk of the epidemic will intensify
in the second half of 2020.
Copper production in 2019 was 311,000 tons
.
Kaz said that although the current mine production has not been affected by the epidemic, in order to ensure production in the second half of the year, the company will take a second round of quarantine measures
from July 5.