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Trade Service
On Friday, Shanghai copper trading positions fell simultaneously, and the market was in a wait-and-see situation during the rebound
.
The Shanghai copper technology is still in poor shape and may continue to operate
below 51000 in the short term.
The future market is vigilant against the epidemic in the United States and the development of Sino-US relations, and the medium and long-term uncertainty is high
.
Shanghai copper upper pressure 51500, lower support 48000
.
In terms of industry, copper mine production in South America is recovering, Chile resumes operations and projects suspended due to the epidemic, and Codelco's Chuquicamata copper mine processing capacity will be rapidly improved; In Peru, mining production rebounded sharply in June, with community road closures resolved and copper mine transportation problems alleviated
.
However, copper mine production is still expected to decline this year, with Cochilco expecting Chile's copper production to decline by 1.
2% this year and ICSG predicting a 4%
decline in global copper mine production in 2020.
The new round of stimulus in the United States has not landed, and price data remains sluggish, indicating weak demand
.
Domestic production data is less than expected, consumption data is weak, price index is down, the increase in social financing scale is less than expected, monetary policy has shifted to selective and structural easing as expected, and market sentiment may fall.
Coupled with the impact of the overseas epidemic and the international situation, the macro has been suppressed
in the face of Shanghai copper prices.
Copper prices are expected to continue to maintain a volatile downward trend
.
