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London copper fell slightly last week, and the main Shanghai copper contract closed lower
.
LME copper stocks were 211,950 tonnes, up 975 tonnes from last week; Copper stocks decreased by 11,284 tonnes to 142,520 tonnes; The warehouse of Shanghai Free Trade Zone was 446,000 tons, an increase of 7,000 tons
.
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.
In the spot situation, the average price of 1# electrolytic copper in the week of July 2 ran between 68,145 yuan / ton and 68,665 yuan / ton, and the average premium price of flat water copper ran between 25 yuan / ton and 120 yuan / ton
.
Last week, copper prices were basically in a narrow range of shocks, but the rising premium continued to show a low recovery, indicating that there is still a certain price sentiment among holders, which may make there still some support
below copper prices.
In terms of fundamentals, the current TC price continues to rise, coupled with the domestic storage rumors landed, so the supply side has a more negative impact on copper prices, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, but due to the current market Fed dumping rumors interference and the impact of the possible tightening of central bank liquidity around the world, so overall, the current relatively neutral attitude
is maintained.