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Copper market early comment: Copper prices fluctuated at a high level last week, repeatedly competing around 60,000, and the market traded contracted but held high positions
.
The main Shanghai copper futures contract came out of the V-shaped market last week, and finally closed almost flat after testing 58,000 yuan per ton, still around 60,000 yuan per ton, and the basis fell back to around 200 yuan per ton, reflecting that the spot market has gradually returned to calm
.
However, the refined waste spread fell back below $300 this week, down from the recent average of $500 per tonne, suggesting that the refined copper market still has room
to rise.
Copper price volatility has eased
.
New nonfarm payrolls in the United States hit a five-month high in July, reinforcing the likelihood that
the Fed will raise interest rates by another 75 basis points in September.
China's exports rose 18% year-on-year and imports rose 2.
3%
year-on-year in July.
In terms of spot, copper stocks in the previous period fell again to 35,000 tons, and LME copper stocks fell to 129,000 tons, and inventories continued to fluctuate
at a low level.
Shanghai premium 240 yuan, wet copper supply is abundant
.
Technically, the medium-term rebound target of copper prices is 65,000, short-term caution
.
