The Shanghai copper market weakened during the day and still faced downward pressure

During the Asian session, London copper rushed back down, and the latest quotation at 15:01 Beijing time was 7919 US dollars / ton, down 51 US dollars, or 0.
63%.

In terms of the market, today's domestic spot copper prices continued to fall, Yangtze River spot 1# copper 61430 yuan / ton, down 320 yuan, premium 180-liter 220; The Yangtze River Comprehensive 1# copper price was reported at 61340 yuan / ton, down 310 yuan, and the premium was 50-170; Guangdong spot 1# copper price was 61240 yuan / ton, down 310 yuan, discount 90-liter 110; Shanghai spot 1# copper price was 61280 yuan / ton, down 350 yuan
.

In the spot market, copper prices fell endlessly, receiving sentiment was frustrated, only maintaining the price pressure just needed to buy, the overall trading volume declined
.
Copper prices are still facing downward pressure on the global economic outlook, the US dollar continues to run high, coupled with the active interest rate hikes by major central banks around the world, while LME inventories continue to increase, downstream demand remains weak, and Shanghai copper is getting farther and farther
away from the bull market.

Shanghai copper opened lower today, and the latest opening price of the Shanghai copper 2208 contract was 61210 yuan / ton, down 30 yuan
.
Chile's tax reform may affect the global copper supply pattern, domestic demand continues to be weak, the sharp correction of copper prices on the terminal replenishment of the stimulation effect is limited, in July electrolytic copper production continued to increase and not less than 850,000 tons, resulting in supply pressure is still under pressure, is expected to be stable
today.
Today's copper price range may be 60450-62500
.