The pessimistic atmosphere has eased and Shanghai copper rebounded from a low level

In terms of the market, Shanghai Metal Network 1# electrolytic copper quotation 59200-60000 yuan / ton, the average price of 59600 yuan / ton, up 1000 yuan / ton from the previous trading day, the 2207 contract up 60-90 yuan / ton
.
Today's spot market transaction is average, and the premium is down 15 yuan/ton
from yesterday.
Today's downstream on-demand consumption is the mainstay, the current month to the next month's futures contract slightly premium no arbitrage space, coupled with the recent Shanghai area copper intake, so the premium is easy to fall and difficult to rise
.
During the mainstream intraday period, there were more transactions at the level of flat water copper rising 60 liters and 70 yuan, and good copper rising was about 80 yuan trading, and wet and poor copper were rare
.

In terms of inventory, LME copper inventories have fallen slightly in the past two days, but the extent is limited, while Shanghai copper warehouse receipt inventories have continued to rise, and global copper explicit inventories have increased
slightly.
Xinhu Futures said that the copper inventory in the last period began to accumulate in June, and it is expected that under the influence of the resumption of production at the Shandong refinery and the recovery of production after the end of the maintenance of the domestic refinery, the subsequent accumulation or continuation of the accumulation
.
Under high inflation, the global central bank aggressively raised interest rates, the economic growth rate in Europe and the United States is likely to slow down, and overseas copper consumption is also expected to weaken
.

On the news, Chile's central bank said it had an $11 million trade deficit in June, affected by a decline in copper shipments
, its main export product.
Chile, the world's largest copper producer, exported $3.
975 billion in June, down 8.
9%
year-on-year.
For the supply side, Guotai Junan Futures said that the short-term supply of copper concentrate is tight, smelter purchases have increased, and copper concentrate shipments at Ganqi Maodu Port have been suspended
.
High profits have stimulated the increase in the operating rate of domestic smelters, and copper production has continued to increase
.
Long-term copper mine supply is loose, and long-term single processing fees in the first half of 2023 are higher than the level
of the whole year.

Previously, copper prices were affected by the recession in the United States, the market sentiment is still more pessimistic, with the rapid decline in prices, the market has gradually digested the bearish impact, the near term may continue the technical rebound, long-term is still supported by new energy demand
.