A brief review of Shanghai copper on July 1

The US core PCE index continued to be high, strengthening the Fed's determination to
raise interest rates.
The monthly rate of personal consumption expenditures growth slowed to its lowest pace since December, and the Atlanta Fed's GDPNow model showed that US GDP expectations contracted by 1% in the second quarter, and recession fears further intensified
.

Fundamentally, the spot TC guidance price of copper concentrate in the third quarter was unchanged
from the guidance price in the second quarter.
In the second half of the year, concentrate supply is abundant and refinery margins are high, and refined copper production is expected to turn
to excess.
While global explicit inventories remain low, their support margin weakens
.
The center of gravity of Shanghai copper operation has shifted further downward, and the short-term focus is on the 61000 strong support level
.