Supply and demand are still not optimistic, and copper prices rebound weakly

On the macro front, black swan events such as the Italian constitutional referendum, the Dutch election, Brexit and the first round of voting in the just-concluded French general election have basically eased, and risk aversion has weakened significantly in recent times, and risk appetite in overseas markets is picking up
.
Judging from the performance of U.
S.
bonds and other safe-haven assets, the stage high of safe-haven logic has passed
.

Analysts said that major copper mines plan to increase production, post-processing fees may continue to pick up, and supply pressure has fallen again, but it is still necessary to pay attention to strike speculation
.
In terms of demand, the operating rate of copper enterprises in the early stage has improved, but it is still less than expected, and the demand in the peak season has been confirmed
.
The downstream power, real estate and automotive industries have limited
growth.

Overall, the fundamentals of the copper market are not optimistic
.
China is the world's largest consumer of copper, but recent economic data from China has raised concerns among investors about the outlook for its industrial metals demand, which has led to a weak rebound in copper prices
.
However, Barclays analysts said that even if demand in the Chinese market slows, the disruption of mine production and the reduction of scrap supply will support copper prices
.
China's demand growth slowed markedly this year as the boost from China's "micro-stimulus" in 2015-16 waned, but the decline in supply may offset this negative impact
.