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Copper market morning comment: Thursday Shanghai copper main force opened at 51630 yuan / ton in the morning, after the opening of the momentum is limited, the plate continued to decline to explore the intraday low of 51210 yuan / ton, and then the center of gravity stabilized at 51310 yuan / ton position, the afternoon open, short flat more into the support copper price center of gravity slightly raised to 51540 yuan / ton position, near the end of the bulls left the copper price fell again, and finally closed at 51400 yuan / ton, down 10 yuan / ton, down 0.
02%.
In the spot market, in the Shanghai area, wet copper is reported to be few, and the source of low-priced goods is difficult to find, and the discount continues to narrow to a discount of 40-20 yuan / ton
.
The difference in the supply and demand structure of good copper and wet copper has led to the continued narrowing of the price gap between brands, the continued weak performance of downstream demand, the intraday market continues to be dominated by traders, and the stalemate and tug-of-war situation during the week are difficult to improve
.
The weakening of the US dollar has supported copper prices to some extent, but under the continuous impact of the epidemic, the pace of economic recovery in the United States in July has slowed down, employment pressure has increased again, and the international situation may further deteriorate
.
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.