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Copper market morning comment: London copper fell sharply yesterday, and the main contract of Shanghai copper closed lower
overnight.
LME copper stocks increased by 775t to 236325 t; Copper increased by 2,449 tonnes to 38,501 tonnes
in the previous period.
On the macro front, US retail sales fell 1.
1% month-on-month in July, which was significantly less than expected, but the US dollar index recovered sharply; Domestic economic data released weaker than expected, policy intervention is expected to strengthen
.
On the supply side, the recovery rate of TC slowed down, the Escondida strike was suspended, and the production of refined copper grew rapidly
.
On the demand side, domestic inventories increased slightly, and the premium was high; Imports turned profitable, bonded premiums rebounded at a low level; Refined waste spreads narrowed
.
Overseas inventories increased slightly, and the recovery momentum in Europe and the United States slowed down
under the influence of the epidemic.
In the case of a stronger dollar, copper prices showed a more obvious decline
.
However, spot premium quotations have also remained at a relatively high position, and some brands have also shown a relatively tight situation, so copper varieties have not seen a weakening demand immediately after entering the off-season
.
At present, copper prices are expected to remain dominated by a volatile pattern
.
