The copper market is mainly volatile at a high level, and it is difficult to have a deep correction in the short term

The surge in confirmed cases of new crown in the United States, the raging epidemic hit market sentiment, and the high level of London copper fell back the next week, and the latest closing quotation was 6015 US dollars / ton, down 79 US dollars, or 1.
29%.

Shanghai copper ran low on Friday night, and the latest closing price of the main monthly 2008 contract was 48850 yuan / ton, down 290 yuan, or 0.
59%.

TC will remain low, with outbreaks in South America and supply-side tensions providing bottom support; As of last Friday, Shanghai copper stocks increased by 14,300 tons or 14.
35%, domestic copper stocks in the previous period stopped falling and rebounded, social stocks also opened the accumulation mode, the downstream consumption level marginally weakened, the overall consumption performance in June was not as good as in May, and spot copper prices were expected to fall
.

Industry News:

1.
It is understood that the CSPT group held a meeting to finalize the copper concentrate TC floor price of 53 US dollars / ton in the third quarter of 2020, a decrease of 3.
6% from the same period of the previous year, close to the actual situation of the spot market, and the processing fee was limited to 5.
3 cents
per pound.
TC/RCs prices for the same period in 2019 were $55 per tonne or 5.
5 cents per pound
, respectively.

Chile's national copper company Codelco said on Saturday it would temporarily halt construction of an upgrade project at its El Teniente mine, which the company said was necessary to deal with the rapidly spreading coronavirus pandemic
.
Codelco, the world's largest copper producer, said in a statement that the measure would reduce the total number of employees in Teniente-related operations to 4,500 and that the mine would continue to protect workers with the previously announced 14-day shift system

Global mining giant Rio Tinto said that after completing the latest feasibility study on the copper mine, the schedule and cost estimates of its mega-project Oyu Tolgoi in Mongolia are in line
with previous forecasts.
However, after redesigning its mining plan to deal with underground stability issues, the company cut projected reserves at the Oyu Tolgoi mine, warning that there could be greater changes
in reserves.
The new mining design for Oyu Tolgoi's Hugo Dummett North underground mine also confirmed that its prospecting methods are still valid and its development "will unlock the most valuable parts of Oyu Tolgoi,"
the company said in a statement.
（

Fundamental changes: 1) refined copper inventories accumulated 37,000 tons, high copper prices suppressed downstream demand; 2) copper concentrate weekly TC was weakly stable around $51, the long single TC in the third quarter was determined to be $53, and copper concentrate remained tight in the third quarter; 3) electrolytic copper spot premiums continued to fall sharply, some areas have reported discounts, copper rod processing fees have fallen sharply, high copper prices and downstream demand have weakened spot premiums and processing fees
.

On Friday, copper prices fell significantly, and bulls sharply reduced their positions, and the main force stepped back to the 10-day moving average
.
From a fundamental point of view, the disturbance of copper concentrate is still continuing, and the low level of long single TC in the third quarter indicates that the medium-term supply of copper concentrate is still tight, but the weakening of downstream demand has also begun to show signs, spot turns to discount, copper rod processing fees decline, social inventory turns to accumulation, and the market's expectations for the third quarter correction are also relatively consistent
.
At present, the equity market sentiment is hot, copper prices driven by the short-term is expected to have a deep correction, it is expected to be dominated by high volatility, but the 50,000 resistance level has been verified, bulls can take advantage of the high part of the profit to cash in profits
.