Nonferrous overall opening pullback Shanghai copper low open low and go low

In the spot market, the willingness of holders to ship increased, traders mainly traded, downstream procurement improved, and the overall transaction was acceptable
.
China's GDP grew 3.
2% year-on-year in the second quarter, higher than the expected 2.
5%, the recovery in the second quarter is a recovery growth, the losses caused by the epidemic have not been fully compensated, due to the intensification of Sino-US tensions, doubts about the sustainability of the economic recovery, weighing on the prospect of a rebound in demand, copper prices under pressure
.

Today's domestic spot copper prices fell sharply, Yangtze River non-ferrous metal network 1# copper price was reported at 51180 yuan / ton, down 1230 yuan, discount 30-liter 30; Guangdong spot 1# copper price was 51220 yuan / ton, down 1240 yuan; Yangtze River spot 1# copper price 51300 yuan / ton, down 1250 yuan, premium 100-liter 120; Shanghai spot 1# copper price was 51230 yuan / ton, down 1230 yuan
.

Industry News:

Nevada Copper is aiming to restart Pumpkin Hollow this quarter, and production increases at the mine earlier this year were limited
by government restrictions to control the COVID-19 outbreak.
The company insisted that it would still restart the plant at the underground mine due in August, but with modifications
based on the impact of the COVID-19 pandemic and other factors.
The goal is to reach full capacity
in the fourth quarter.

2.
The Democratic Republic of the Congo has given copper and cobalt mining companies a month to stop confinement of workers to their workplaces
.
The labor minister said all mining companies that confine workers to work sites need to resume normal operations
within a month.

Fundamental changes: 1) the refined copper pool rose to 200,000 tons for two consecutive weeks, LME stocks fell slightly again to 166,000 tons; 2) the weekly TC of copper concentrate was slightly lowered to $50, and two mines in Antofagasta decided to strike, with a total output of about 310,000 tons in 2019, watching for whether the government can effectively mediate this week and whether there will be other strikes
.

Nonferrous metals opened a pullback yesterday, with Shanghai copper leading the decline, and the main contract falling back to around
51,000.
Yunnan Province's commercial storage implementation rules were announced, and the market had little
reaction to this because the current refined copper inventory and copper prices made storage unattractive.
After Shanghai copper rose to the top range of nearly five years, the profit fermentation was relatively full, the domestic accumulation for two consecutive weeks, the spot premium fell, the import of refined copper increased sharply in June, the bearish factors were gradually accumulating, and the price pulled back
after the market heat faded.
However, short-term prices are expected to fall deeply, Chilean mine strikes can be effectively mediated in doubt, the risk of other subsequent strikes also supports prices, short-term attention to the 10-day moving average support, intraday attention to macro data release, equity market sentiment on non-ferrous interference is still obvious
.