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Last week, Shanghai copper first fell and then rose, and spot copper rose by about
1,000 yuan.
Lacking directional guidance, copper prices continued to range to sort out the market last week, and the Shanghai copper weekly line closed a longer lower shadow, and the support level of 68,000 continued to consolidate
.
As of 3 p.
m.
on Friday, the main 2108 contract of Shanghai copper was at 69,340 points, a weekly increase of 0.
61% or 420 yuan
.
On the macro front, the central bank's RRR cut affected the opening of Shanghai copper during the week, and the easing of money tendency stimulated the market to pull up for a while, but the domestic reiterated the suppression of commodity speculation, and the monetary easing tendency was not obvious, and the overall impact on copper prices was limited
.
Abroad, the US CPI data in June recorded a new high in recent years, and the greater inflation pressure brought expectations to the Fed's policy, but Powell reiterated his dovish stance many times, and the volatility of the US index affected the range of Shanghai copper
.
In terms of the market, spot copper rose by 1,020 yuan last week, and the premium was raised all the way, and the good copper premium on Friday was around
350 yuan.
Although the market remained volatile, the willingness of holders to hold prices was high, inventories continued to decline, and market trading was mainly concentrated in flat water copper
.
Friday morning is now rising, the premium climbed with the plate, and it stabilized near noon, and the off-season consumption expectations have been loosened
.
In terms of import profit and loss, the Fed's tightening expectations were delayed, but inflation data was high, the dollar index strengthened slightly during the week, and the import window reopened, around 100 yuan / ton
.
Fundamentals have not changed much, the last period of the stock market this week reduced 15,000 tons of inventory, the spot market premium is high, the bottom of copper prices is
strong.
Lack of breakthrough momentum, the recent shock market is expected to continue, merchants sell high and low, and downstream bargaining is mainly
stocked.
At present, Shanghai copper is still in the off-season of consumption, and the limited impact of superimposed news is difficult to promote the trend trend, and Shanghai copper is expected to maintain range volatility
.
