July 10 copper market morning review

The copper market briefly broke the year-start high on Thursday, but later retreated
.
Expectations of strong consumption in China and possible production cuts in Chile remain reasons for
strong copper prices.
However, the daily number of new cases in the United States exceeded 60,000, the death toll also reached a record high, the politicization of the epidemic in the United States is being questioned, the US stock market has retreated, and the safe-haven demand for the dollar index has soared
.
In addition, China's stock market has soared, the state has criticized it, and the sensitivity of the market has increased
.
The copper market is still weak internally and strong outside
.

The cumulative number of confirmed cases in copper mining has exceeded 3,500 due to the intensification of the epidemic in Chile, and supply disruption is the key factor
in the current strong copper price.
However, at present, the major copper ore exporters in South America have not officially introduced production restrictions, and it is expected that the actual impact on output may not be as strong as market expectations, the impact of the epidemic on economic growth is still greater, and the spot market is more afraid of heights, and it is expected that copper prices will face greater downward pressure
.

The copper market failed to challenge the year-start highs on Thursday, and the short-term market waited for clarity
.
Bulls can still hold orders and wait, and those who get off early in the early stage can try to sell short, but should set a stop loss
.