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On Thursday, Shanghai copper ran strongly, the intraday trend rose, the main monthly 2209 contract opened at 61960 yuan / ton, the daily close at 62790 yuan / ton, up 1340 yuan / ton, up 2.
18%, the United States inflation slowed stronger than expected in July, boosting the market's expectations of violent interest rate hikes by the Federal Reserve, risk appetite picked up, the dollar fell sharply, and Shanghai copper ran
strongly.
In terms of spot, the average price of spot 1# copper in the Yangtze River on August 11 was 62670-62710 yuan / ton, up 470 yuan / ton; Liter 180 - liter 220, flattened
.
In the spot market, the sentiment of holders stopped rising, the downstream trading sentiment picked up, the receiver received goods more positively, and the overall transaction performance was optimistic
compared with the previous day.
In terms of inventories, as of August 11, London Metal Exchange (LME) copper stocks increased by 5,050 tons, or 3.
99%, to 131575 tons; As of August 11, the warehouse receipt of copper futures in the previous period was 4,973 tons, an increase of 920 tons
from the previous day.
On the supply side, domestic refined copper production in July was again less than expected, due to the recent deadline and the epidemic background, some refinery production was subject to certain interference, both due to overhaul factors and crude copper tension
.
It is expected that the forecast of refined copper production in the second half of the year still has room to continue to be lowered, and the supply pressure on the supply side has eased
.
On the demand side, there are signs of improvement in downstream demand recently, and the improvement of demand side has boosted the recovery of buying sentiment of downstream traders
.
There was an inflow of imports in Shanghai, and trading was limited, but Guangdong inventories continued to decline and premiums remained firm
.
Comprehensive analysis, the macro atmosphere continued to warm, and the dollar index fell sharply, boosting the general rebound
of non-ferrous metals.
The slowdown in inflation in the United States in July exceeded expectations, which cooled the market's expectations of the Fed's violent interest rate hike in September, market risk sentiment rose, the stock market was good, and the performance of Shanghai copper once rose
.
In addition, multiple favorable factors such as the slowdown in domestic supply pressure, a slight improvement in demand, the increase in downstream replenishment willingness, and the decline in inventories have boosted copper prices, and short-term copper prices will continue to rebound
.
