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Shanghai copper fluctuated yesterday and rose slightly overnight, with the main contract closing at 46380
.
Shanghai copper main month 1910 contract opened at 46080 yuan / ton, the highest intraday 46320 yuan / ton, the lowest 45940 yuan / ton, settlement 46090 yuan / ton, closed 45960 yuan / ton, down 170 yuan, down 0.
37%.
Yesterday, the three Asia-Pacific countries cut interest rates on the same day, and the probability of the Fed cutting interest rates by 50BP in September increased again, slightly boosting copper prices, but the current external environment is highly uncertain, and there are still many uncertainties in the macro face of the impact of copper prices, and the short-term rebound of copper prices is limited, and the possibility
of another downward test is not ruled out under the interference of external risks.
Copper fundamentals are still weak in the month, electrolytic copper production rebounded sharply in June and July, the planned output in August is still high, the shortage of mines has not been effectively transmitted, while downstream consumption is still weak, and social stocks have accumulated
slightly.
In the long run, TC continues to be low, restricting the release of smelting capacity, while consumption is still expected to improve marginally during the year, long-term fundamentals do not have to be too pessimistic, and copper prices are still expected
to rebound during the year.
Maintain the sell call strategy
on short-term operations.
