Shanghai copper weak shock downstream consumption into a wait-and-see state

During the Asian session, London copper fluctuated running, and the latest quotation at 15:01 Beijing time was 9590 US dollars / ton, up 30 US dollars, or 0.
31%.

In terms of the market, today's domestic spot copper prices fell, Yangtze River non-ferrous metal network 1# copper price was reported at 70400 yuan / ton, down 660 yuan, premium 240-300 liter; Guangdong spot 1# copper price was reported at 70190 yuan / ton, down 610 yuan; Yangtze River spot 1# copper 70480 yuan / ton, down 660 yuan, premium 310-premium 330; Shanghai spot 1# copper price was reported at 70260 yuan / ton, down 770 yuan
.

In the spot market, merchants actively shipped, downstream continued to be cautious, the trading atmosphere was relatively quiet, and the overall transaction was flat
.
Most of the Sino-US economic data fell, coupled with the aggravation of epidemic worries, the slowdown of economic growth concerns have increased, and the speed of Shanghai copper dematerialization has slowed down significantly, coupled with the opening of the import window, copper prices still continue to operate
weakly.

Industry news: Ivanhoe Mining's Kamoa-Kakula mine copper production is approaching the first phase of stable design capacity of about 500 tons/day, or 200,000 tons/year
.
A total of 414,000 tonnes of 5.
16% copper were mined in July, including 367,000 tonnes grading 5.
29% and 85,000 tonnes grading 7.
7% high quality copper
.

In terms of news, the release of scrap copper sources, the price difference of refined waste expanded to about 1600 yuan / ton, the squeeze of refined copper consumption, and then superimposed on the opening of the import window, this week's copper social inventory rose slightly to 155,000 tons, and downstream consumption entered a wait-and-see state, copper prices are expected to fall
.