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Due to the UK summer bank holiday, the London Metal Exchange (LME) was closed for one day on Monday, and there was no data update
.
The macro atmosphere warmed up, and Shanghai copper closed up 0.
62% in overnight trading; The third batch of dumping reserves is less than expected, coupled with the upgrade of power rationing in Guangxi, the refined copper smelting capacity is limited, domestic copper stocks continue to be destocked, and copper prices are expected to rise
today.
The Federal Reserve issued dovish remarks at the annual meeting of the global central bank, the US dollar index came under pressure and pullback, the macro atmosphere warmed up, and the Shanghai copper opened high in the evening, and the latest closing price of the main month 2110 contract was 70130 yuan / ton, up 430 yuan, or 0.
62%.
The third batch of dumping reserves is less than expected, the superimposed copper ore end supply disturbance has not been completely lifted, with the upgrade of Guangxi power rationing to limit the refined copper smelting capacity, the supply of scrap copper continues to be tight, the arrival volume is reduced and domestic copper stocks continue to destock, and the social inventory fell to 130,000 tons, and the copper price is expected to rise
.