The upward momentum of the Shanghai copper oscillation at a low level has weakened

In terms of the market, today's domestic spot copper prices fell, Yangtze River non-ferrous metal network 1# copper price was reported at 51350 yuan / ton, down 360 yuan, premium 30-90; Guangdong spot 1# copper price reported 51360 yuan / ton, down 360 yuan; Yangtze River spot 1# copper price 51430 yuan / ton, down 370 yuan, premium 130-liter 150; Shanghai spot 1# copper price was 51380 yuan / ton, down 320 yuan
.

In the spot market, the market wait-and-see sentiment is strong, the circulation of traders is limited, the downstream demand is weak, and the trading atmosphere is light
.
Peru's copper production in the first half of the year fell 20.
4% year-on-year, but increased by 41% month-on-month in June, the current supply-side support is limited, the domestic consumption is in the off-season, short-term copper prices remain volatile
.

Caixin China's manufacturing PMI rose to 52.
8 in July, the highest in nine and a half years, as the domestic epidemic ended and the economy continued to recover
.
The Fed's loose monetary policy has not turned, and market liquidity remains abundant
.
Moreover, the epidemic in South America has led to a significant loss
in the supply of copper mines.
Copper demand continues to perform well
, benefiting from the strong recovery in Chinese demand.
However, entering the downstream consumption off-season in August, copper consumption may
weaken further.
At the same time, if the monetary policy margin tightens in the second half of the year, the upward momentum of copper prices will weaken.

Caution is recommended in
the short term.