Copper temporarily supported is still dominated by wide ranges

In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 120 yuan / ton - 50 yuan / ton, flat water copper trading price of 51030 yuan / ton - 51100 yuan / ton, and premium copper trading price of 51060 yuan / ton - 51130 yuan / ton
.
During the day, the copper spot market was more enthusiastic, affected by the good transaction of the previous day, especially the positive impact of traders taking goods, the morning quotation of holders was relatively firm, although affected by the lower opening of the market and then there was a slight downward adjustment, but as the market bottomed out, the holder's discount quotation also rose
again.
In terms of transactions, the transaction performance is still good, and the market trading atmosphere is strong
.

In terms of stocks, as of July 2, COMEX copper stocks 223658 short tons, down 323 tons from the previous day; LME copper stocks were 289875 tonnes, down 4,650 tonnes from the previous day; As of July 3, SSE futures inventories were 141352 tons, up 281 tons
from the previous session.

Industry news, ICRA (Indian Investment Bank) report said that the impact of Vedanta's closure of the Tuticorin copper smelter continues to ferment, and the Indian domestic market is severely affected by it, and its copper supply may turn from excess to severe shortage
.
Previously, the largest copper smelter in southern India, run by Vedanta Holder Anil Agarwal, remains shut down following an order issued by the Tamil Nadu government on May 28
.
The ICRA said in a report that Indian downstream copper product manufacturers will be adversely
affected by the lack of sufficient primary metals in the market due to the shutdown of copper smelters.
In addition, the premium on copper imports from India is also likely to continue to rise and lead to stronger domestic copper prices
.

Market pessimism eased during the day, spot discount narrowed, and copper prices were temporarily supported
after consecutive declines.
However, the US dollar remained strong and the poor performance of domestic economic data on trade put pressure on copper prices, while the forward gap in copper mines and uncertainty about scrap supply did not support a sharp decline, and prices are expected to remain volatile in a wide range
.
In the short term, continue to pay attention to the support performance
of the Shanghai copper main shock platform in the early stage.
FYI
.