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Copper market morning comment: overnight copper prices fell back, and the market traded actively
.
The 10-year U.
S.
Treasury yield rose above 3% for the first time in a month; The euro hit a nearly two-decade low
against the dollar.
European benchmark natural gas futures, German electricity prices hit record highs, and the inflation factor of copper price valuation still has room to
play.
The supply-side impact continues, one is that power cuts have halved
new refinery capacity.
Second, the maintenance in Guangxi and other places is expected to be in mid-to-late August
.
Third, the epidemic may once again affect the capacity of some refineries, which is currently none
.
It is initially expected to affect the output of 20,000-30,000 tons
.
Overall, production increased in August, but at a slower-than-expected
pace.
The recovery rate of downstream starts has also slowed
.
In terms of spot, the inventory in the previous period was 31,000 tons, and the LME inventory was also fluctuating at a low level, with Shanghai premium of 570 yuan, and the downstream still wait-and-see in the face of high premium
.
Technically, copper prices are generally strong, waiting for low buying opportunities to mature
.
