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As of Friday, Yangtze River spot copper quotations were 70,330 yuan / ton, up 0.
86%
from 69,730 yuan / ton at the beginning of the week.
On the macro front, the spread of the new crown variant in China continues, and the lockdown in many places in China has brought about a decrease in industrial demand
.
Overseas, U.
S.
inflation and employment data are high, and discussions on tightening monetary policy are increasing within the Federal Reserve, coupled with frequent strikes at Chilean copper mines, forming a price tug of
war on copper prices.
On the supply side, a number of overseas copper mine strikes have raised concerns about copper mine supply shortages, which has strengthened copper prices
.
But on the last day of the week, the largest copper mine, Escondida, negotiated a contract, averting a strike and easing tensions at the mine
.
In terms of demand, the completion of real estate has been a big year, the sales of the home improvement market are hot, and the market shows a situation
of off-season.
In the first half of the year, the completion of power grid investment reached 36.
7% of the planned investment, and the State Grid orders in the second half of the year, coupled with the Henan flood post-disaster reconstruction project, will strongly support electrolytic copper consumption
.
On the whole, supply and demand are weak, but the supply disturbance is greater than expected, the total inventory continues to decline, and it is difficult to effectively increase inventory in August.
