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On Thursday, Shanghai copper opened weak, and the intraday market continued to fall, the main monthly 2208 contract opened at 56850 yuan / ton, and the daily close was 56180 yuan / ton, down 180 yuan / ton, down 0.
32%.
Recently, the macro bearish has been digested, but both the macro and supply and demand side support are very limited, and the Shanghai copper fluctuates
at a low level.
On the macro front, the housing data released by the United States further consolidated the fear of global recession, coupled with the domestic epidemic, real estate still has certain risks, Shanghai copper stabilization and rebound rhythm is difficult to predict, the overall trend downward
.
In terms of spot, the average price of spot 1# copper in the Yangtze River on July 21 was 56480-56520 yuan / ton, down 200 yuan / ton; Premiums 320-Premiums 360, up 40 yuan
.
In the market, the demand side is no longer strong, the upper and lower trading is deadlocked, the downstream consumption is flat, the buying is contracted, the trading is not strong, and the transaction is weak overall
.
In terms of inventories, as of July 21, copper stocks on the London Metal Exchange (LME) decreased by 2,025 tons, or 133,550 tons, by 1.
49%; The inventory of Shanghai copper warehouse receipts stopped accumulating, and there was a scene
of falling back one after another.
On the demand side, domestic and foreign demand is still difficult to improve, and overseas interest rate hikes and geopolitical influences, the intensification of recession fears has made demand less optimistic
.
Domestic real estate sector consumption data is still a significant
drag.
On the whole, Shanghai copper fell slightly during the day, falling 180 yuan, or 0.
32%.
Macro bearish sentiment is gradually digested, the dollar retreats from the high, and metals get some respite
.
However, from the US housing sales data, the worry of global recession can not be underestimated, superimposed demand side is still difficult to say optimistic, the weakness of the domestic real estate industry is still an important drag on copper metal consumption, and the weak supply and demand pattern is difficult to improve in the short term, so the road to Shanghai copper rebound has not been smooth, continue to look at the bearish idea, it is expected that the downward trend of copper prices has not changed
.
