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Shanghai copper ran strongly on Friday, with the main 2108 contract touching a maximum of 70,000 yuan, an increase of nearly 2%, and the main closing gain fell slightly to 1.
53%.
Market preferences have rebounded, domestic consumption has improved, and copper prices have been on
the strong side recently.
In terms of the industry, the CSPT team finalized the guidance price of copper concentrate processing fee of 55 US dollars / ton and 5.
5 cents / pound in the third quarter, which is higher than the guidance price in the first quarter, indicating that the supply of copper concentrate is loosening month-on-month, but there are still hidden dangers in overseas copper supply, and in the case of high cold material processing costs, it is expected that electrolytic copper production in July will increase by 20,000 tons month-on-month
.
In terms of consumption, the operating rate of scrap copper rod enterprises remains high, the high prosperity of the automotive and electronics industry continues to drive the operating rate of copper plate and foil, the fine copper rod industry may show a state of off-season, raw material prices are easy to rise and squeeze production profits, and the consumption off-season of the copper pipe industry may come early
.
On Monday, the domestic social stock of electrolytic copper fell by 6,000 tons
.
The recent stable and relatively low copper price has led to the continuous dematerialization of social stocks, coupled with the US economy still has room to rise, the European economy has begun to recover, the demand for electrolytic copper is expected to be resilient, and the two dumping reserves are very limited, so after the collapse in oil prices caused copper prices to jump low
.
On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, and although the dollar has been strong after this interest rate meeting, it is largely an overdraft
of future economic growth 。 The eurozone central bank interest rate meeting still maintains a dovish tone, coupled with the rebound of crude oil prices for two consecutive days, which makes the impact of inflation relatively positive on copper prices, so in this case, copper prices continue to maintain a volatile and higher trend, but because consumption has gradually entered the off-season, so copper prices are unlikely to continue to rise sharply, and are expected to remain volatile for the time
being.
