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July 12 copper market noon review

 Last Update: 2022-12-25
 Source: Internet
 Author: User

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Copper market midday commentary: the dollar rose like a rainbow, overnight London copper continued to come under pressure to close down 2.
13%; Domestic copper concentrate port inventories have rebounded again, mine supply is still loose, consumption off-season demand is not good, copper is expected to continue to fall
.

Copper City

China's social financing scale in June was 5.
17 trillion yuan, and it was expected to be 4.
2 trillion yuan, compared with 2.
79 trillion yuan
in the previous month.
June M2 rose 11.
4% y/y versus 11% expected and 11.
1%
prior.
The White House expects June inflation data to remain elevated
.
Russia interrupted the supply of gas to Europe by Nord Stream 1, and the economic outlook for Europe is pessimistic
.
The euro fell sharply overnight, the dollar rose sharply to a new high, and non-ferrous metals fell
under pressure.

Overnight, copper opened low and closed in the shade, opening lower at $
7,582 today.
Shanghai copper fell to close in the shade overnight, closing at 57930
.
Shanghai copper trading declined, positions were stable, and market sentiment was biased towards
neutrality.
There is still pressure on the macro side, and supply and demand on the spot side have returned to neutral
.
Short-term market sentiment is still brittle, and the future market still needs to look forward to macro support
.
Shanghai copper upper pressure 63000, lower support 55000
.
Today's international copper premium dropped sharply to 186 points compared with Shanghai copper, and the internal trend was slightly stronger than the external market
.

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