July 17 copper market morning review

Yesterday's copper prices showed a high downward trend, the market investment sentiment cooled significantly, China's second quarter economic recovery exceeded expectations, industrial production recovered faster, the evening Shanghai copper shock higher, the latest closing price of the main month 2008 contract 51510 yuan / ton, up 230 yuan, or 0.
45%.

China's GDP in the second quarter increased by 3.
2% year-on-year, and the consumption side still had a slight negative growth, and the necessary fiscal support and relatively loose monetary policy support
were still needed in the second half of the year.
The international economic and trade situation has shown a tense trend, coupled with the intensification of the spread of the epidemic in the United States, the macro environment has weakened
marginally.
Although there is a recent impact of the Chilean mining strike on the supply side, the overall impact is expected to be limited, and copper prices are expected to face some downward pressure
.

From the recent import data, although the strike speculation is basically digested, concentrate imports still maintain tight expectations, and copper prices are supported
in the medium term.
It is expected that copper prices will stabilize in the near future, and the downstream will wait for the market to stabilize and replenish normally
.