July 23 Shanghai copper noon review

The new rules and regulations on asset management have been implemented, pessimistic expectations on capital have been slightly repaired, and the deleveraging policy has shown marginal easing, giving the market some confidence
.
From a fundamental point of view, due to the reduction of imported copper and the replacement of scrap copper, the inventory in the previous period has fallen by more than 60,000 tons since June 1, and the spot premium has risen rapidly, and the fundamentals have been slightly supported
after the short repair of macro sentiment.

Overall, dragged down by the trade war, copper prices once fell below $6,000 support, and in the future, the trade war will continue to become a sword
on the head of copper prices.
In addition, in the case of limited supply and demand fluctuations, the market focuses on the Escondida mine negotiations, in addition, the sharp narrowing or even inversion of the refined waste price spread also supports refined copper consumption, forming a certain support
for short-term copper prices.
It is expected that copper prices will show a stable adjustment trend after the release of risks this week, and it is recommended to wait and see in
operation.