Supply-side speculation may support copper prices

In terms of the market, the domestic spot copper price fell during the day, and the copper price of Yangtze River Nonferrous Metal Network 1# was reported at 48290 yuan / ton, down 530 yuan, and the premium was 30-90; Guangdong spot 1# copper price was reported at 48460 yuan / ton, down 500 yuan; Yangtze River spot 1# copper price reported 48330 yuan / ton, down 480 yuan, premium 70 - premium 90; Shanghai spot 1# copper price was 48235 yuan / ton, down 565 yuan
.
In terms of spot, the premium has expanded, but the replenishment of imported goods and the shipment of some traders have inhibited the premium to continue to rise, and the downstream bargain replenishment, the overall transaction performance is average
.

On the industry front, the union at Lumina Copper's Caserones copper mine in Chile said Thursday that the breakdown in talks with the company would pave the way
for a potential strike.
The union said it would reject the company's last proposal, which it would submit on July 24, because negotiations failed, and that government mediation was the only way
forward.
Unions representing nearly 300 mine and factory workers are likely to go on a legal strike
in August.
The Caserones copper mine is located in northern Chile and produces about 100,000 tons
per year.

At present, supply-side speculation may support copper prices, but the further decline in the RMB exchange rate has triggered market concerns that China's exchange rate control may become the next flashpoint in the Sino-US trade dispute, and it is expected that Shanghai copper will fluctuate in
the short term.