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Copper market afternoon comment: Tuesday's Shanghai copper intraday rebound under pressure around 52000, the evening low back to the 51200 line, into a volatile downward trend
.
Shanghai copper focus on the 52000 line, the line below the operation to maintain the shock fall to continue the expectation, such as the 51000-51200 area to fall back down, is the disk weakened, but also need to observe the week low retracement, for the fall is not as expected trend, short orders are suitable
for patience.
European PMI data exceeded expectations, although the pace of economic recovery in the US slowed
in July amid the ongoing impact of the pandemic.
On the supply side, Chilean supply recovery, Codelco copper mine production in the second quarter against the trend, Brazil new mine put into production, these show that copper supply is relatively loose, refined copper imports have increased sharply, domestic refined copper production has also increased year-on-year, the substitution effect of scrap copper supply is becoming more and more obvious, but the demand side has not kept up with the pace of supply, and copper prices are expected to fluctuate
downward.
The global economic recovery is difficult, the London copper shock weakened overnight to close down $28, overseas inventories continued to deteriorate but the reduction was limited, Chile restarted a large smelter in the north, and copper fell slightly
.
