Shanghai copper running low to continue the sideways volatility

Today's domestic spot copper prices fell, Yangtze River non-ferrous metal network 1# copper price was reported at 51360 yuan / ton, down 710 yuan, premium 50-liter 110; Guangdong spot 1# copper price was 51310 yuan / ton, down 700 yuan; Yangtze River spot 1# copper price 51400 yuan / ton, down 730 yuan, premium 110-liter 130; Shanghai spot 1# copper price was 51310 yuan / ton, down 760 yuan
.

In the spot market, the holders receive the goods at a low price, the downstream wait-and-see attitude is stronger, sporadic on-demand procurement, and the transaction is general
.
At present, domestic consumption is relatively weak, and peak season expectations are not yet clear, but LME inventories are at a 13-year low, and there is still some support below copper prices, and short-term copper prices are
volatile.

Global copper smelting activity fell to its lowest level in more than two years in July due to increased smelter maintenance; Overseas demand has gradually recovered, and LME inventories have continued to decline, falling to their lowest level
in 13 years.
China is still in the traditional off-season, demand performance is relatively weak, but the off-season impact is gradually receding, while electrolytic copper supply is weak, and there is support
below copper prices.

From the direction point of view, copper prices as a whole may continue to fluctuate sideways, waiting for the emergence of new stimuli factors, such as the continued rebound or fall of the US dollar, the over/lower than expected economic recovery, and the accumulation of inventory
.