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Today's Shanghai copper is running strongly, the main monthly 2108 contract opened at 69520 yuan / ton, the highest intraday 69780 yuan / ton, the lowest 68210 yuan / ton, the settlement 68340 yuan / ton, the close 69520 yuan / ton, up 1180 yuan
.
The trading volume of the main 2108 contract of Shanghai copper increased by 29290 lots 137175 lots throughout the day, and the position volume 121704 increased by 426 lots
.
During the Asian session, London copper fluctuated upward, and the latest quotation at 15:01 Beijing time was 9516 US dollars / ton, up 137 US dollars, or 1.
46%.
In terms of the market, today's domestic spot copper prices rose, 1# copper price was 68580 yuan / ton, up 530 yuan, premium 170-liter 230; Guangdong spot 1# copper price was 68430 yuan / ton, up 540 yuan; Yangtze River spot 1# copper 68650 yuan / ton, up 530 yuan, premium 240-liter 260; Shanghai spot 1# copper price was 68660 yuan / ton, up 635 yuan
.
In the spot market, the sentiment of holders is high, and the downstream just needs to buy, and the trading situation is general
.
Satellite monitoring data from global copper smelters show that global copper smelting activity in June will fall again after rebounding in the previous month, and some Chinese manufacturers have stopped production and maintenance, in addition to the data released in the previous period, Shanghai copper stocks fell for seven consecutive weeks, and in the week of July 2, weekly stocks decreased by 7.
34% to 142,520 tons, refreshing a four-and-a-half-month low
.
International copper stocks fell further, with weekly stocks falling by 8.
08% to 64,957 tonnes
.
COMEX copper stocks continued to fall, falling to 49,345 short tons as of Friday, updating a nearly fourteen-month low
.
Declining inventories on domestic and foreign exchanges will support
futures prices.
On the macro front, the number of non-farm payrolls jumped by 850,000, but unemployment rose, Fed officials were more divided on the next monetary policy, and domestic policy had a suppressive effect
.
On the supply side, TC continued to rise, refined copper production grew rapidly, imports also showed high growth rates, and supply showed signs of
easing conditions.
On the demand side, domestic inventories continued to decline, but the premium weakened, imports lost money, and bonded premiums were low, indicating that the market has entered the off-season
.
Overseas inventories continue to increase, but PMI in Europe and the United States has reached a new high, and the logic of overseas demand is still there
.
Short-term copper price drivers are uncertain, band participation
.
