Macro sentiment eased and copper maintained a rebound for the time being

In terms of spot, Shanghai electrolytic copper spot reported a discount of 90 yuan / ton ~ 50 yuan / ton for the current month's contract, the transaction price of flat water copper was 49850 yuan / ton ~ 49950 yuan / ton, and the transaction price of premium copper was 49870 yuan / ton ~ 49990 yuan / ton
.

In terms of stocks, as of July 25, LME copper stocks were 252,400 tons, down 2,025 tons from the previous day; Comex copper stocks were 212103 tonnes, down 1,255 tonnes; As of July 26, copper stocks in the previous period were 94,440 tons, down 3,143 tons
from the previous trading day.

Industry news, Antofagasta said on Wednesday that the company's copper production in the second quarter increased by 6.
1%, and the cost declined, prompting the company to maintain the full-year production target unchanged
.
Antofagasta's second-quarter copper production rose to 163,200 tonnes, while cash costs fell 7.
5% to US$1.
85 per pound, helped by a weaker Chilean peso and higher production from its Centinela mine
.

Short-term macro sentiment eased, financial market confidence has recovered, A-shares have also come out of the bottom rebound market, coupled with the recent continuous decline in copper inventories, the market focuses on copper mine negotiations, forming a more obvious support for copper prices, short-term copper prices are expected to continue the rebound market
.
Watch for ECB President Mario Draghi's speech at a press conference, the preliminary month-on-month reading of durable goods orders in the United States in June and the number of
initial jobless claims in the United States this week.
FYI
.