Shanghai copper turned green and fell slightly, and market sentiment remained relatively cautious

On the macro side, the current market expectation that the Nord Stream natural gas pipeline will reduce supply is still fermenting, and for copper varieties, it has a greater impact on the demand side, so it is relatively unfavorable
for prices.
Also, watch for the outcome of
tonight's Eurozone interest rate decision.

In terms of consumption, due to the continuous decline in copper prices, the enthusiasm of some downstream enterprises to purchase has rebounded slightly, and the market premium quotation has also risen, but the improvement in demand is not very significant
.
Mainly because the current market may be more severely suppressed due to the impact of continued interest rate hikes in the future, the fear of decline still exists, so although demand has recovered slightly, the overall situation is still difficult to be optimistic
.

In terms of stocks, LME stocks fell 0.
07 million tonnes to 135,600 tonnes
yesterday.
SHFE stocks fell 0.
17 million tonnes to 23,800 tonnes
.

In terms of news, customs data imported 374,000 tons of refined copper in June, an increase of 22% month-on-month and 35% year-on-year, and copper scrap imports were 165,000 tons, an increase of 4.
4% month-on-month and 10%
year-on-year.
This reflects the fact that
real demand grew faster in June.
However, since July, the price comparison has fallen, coupled with the sharp decline in copper prices, and the discount of overseas scrap copper has fallen sharply, it is estimated that imports have fallen again, and domestic stocks are expected to
decline.

In general, before the July interest rate meeting, the short-term market sentiment may still be relatively cautious, so futures operations are still mainly wait-and-see for the time being, and enterprises with procurement needs can properly stock up on spot
.