Macro news is flat, fundamentals drag copper prices to the upside

On the macro front, the June 2019 manufacturing data released by the world's major economies show that China's manufacturing boom has declined significantly, manufacturing activity in most Asian and European countries has also shrunk, and manufacturing activity in the United States is also slowing, and the damage to global manufacturing confidence has exacerbated concerns about economic slowdown, causing concerns about demand
.
Although expectations of the Fed's interest rate cut this month have heated up, there is still uncertainty in the Sino-US trade situation, global uncertainty has increased, economic growth has slowed, and macro bearishness has weighed on copper prices
.

In terms of the market, in the week of July 5, domestic spot copper prices were weak.

The average price of Yangtze River nonferrous metal network 1# copper was 46698 yuan / ton, down 126 yuan / ton per day, and down 1.
34% on the weekly line; The average price of the previous week was 47,076 yuan / ton, down 378 yuan / ton compared with last week, down 0.
80%
from the previous week.

Stocks, London copper stocks climbed sharply last week, with a cumulative increase of 61,575 metric tons to 302975 metric tons, an increase of 25.
51%.

Shanghai copper stocks returned to dematerialization, reducing by 5,115 tons to 140904 tons, a decrease of 3.
50%.

Copper Market News:

1.
Vedanta Resources said it had applied to the South African High Court to terminate the liquidation and sale of the Konkola copper mine
by ZCCM Investment.
Vedanta is seeking an interim court order that the liquidation measures taken by ZCCM against KCM violate the Concora Copper Shareholders' Agreement
.
The provisional application will be heard
on 16 July.

2.
Chile's national mining company (Codelco) has once again postponed the full resumption of production at its Chuquicamata smelter, which is expected to resume
full normal production in the third quarter.
The smelter has been shut down for seven months, largely due to failure to meet stricter environmental standards
that began in December.

Looking ahead, at present, there is still no sign of improvement in the weakness of downstream consumption, weak demand is still the main factor suppressing copper prices, and the future market pays attention to whether power grid investment, real estate, infrastructure, etc.
can stimulate consumption improvement
.
At present, the macro has a greater impact on copper prices, Sino-US trade negotiations are not clear, copper prices are close to the bottom range, and copper prices are expected to remain volatile
next week.