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On July 1, the main contract of Shanghai copper futures opened at 63150 yuan, and today's intraday high touched 63380 yuan, the lowest test was 61420 yuan, so far, the main force of Shanghai copper fell by more than 3%.
In the external market, LME copper opened at $8232.
00, the highest price was $8256.
00, the lowest price was $8030.
00, and now it is quoted at $
8090.
00.
The domestic supply center is expected to rise, and the enthusiasm for smelting is still high; The recovery intensity of domestic consumption is weak, although the current domestic inventory is still low, but from the point of supply and demand, the possibility of inventory continuing to dematerialize sharply is decreasing, but the accumulation expectation is rising, and the domestic shift from tight balance to surplus; LME copper Asian warehouse inventory outflow, European inventory has not increased significantly, the proportion of written warehouse receipts has fallen to a safe level, low inventory has some support for prices, but the strength margin weakened
.
On the news, data from Chile's National Institute of Statistics showed that the country's copper production in May fell 2.
7%
year-on-year.
At the price level, copper prices fell sharply for a short period of time and the bearish sentiment was vented, although the Fed's monetary tightening still poses pressure, but the impact on prices is expected to weaken, coupled with the expectation of marginal improvement in domestic demand, copper prices may gradually stabilize.
Shanghai copper opened lower today, and the latest opening price of the Shanghai copper 2208 contract was 63050 yuan / ton, down 1150 yuan
.
Global recession fears linger, mainly because of the active interest rate hikes by Western central banks and weak economic data, exacerbating the market's concerns about the global economic slowdown and metal demand prospects, coupled with the expected decline in overseas demand, the overall domestic consumption performance is weak, especially the real estate sector is sluggish, making the copper demand outlook worrying, and inventories have increased again, and copper is expected to fall
.
