Market sentiment continues to be optimistic, supporting copper prices to the upside

In terms of external trading, Apanlon copper opened at 6038 US dollars / ton, and the lowest point of the day was 6032.
5 US dollars / ton
immediately after the opening.
After the opening of Shanghai copper, the external market quickly rose by about $40 / ton, and then the rally slowed down and swung upwards to a high of 6094 US dollars / ton
.
In the afternoon, London copper fell slightly to $6071/ton, and then rebounded back above $6090/ton
.
Entering the European session, the market fell by about $30 / ton, giving up some of the gains during the day
.
As of 17:00, London copper closed at $6,065/ton, up $26/ton, or 0.
43%.

Global liquidity easing and inflation stimulus pushed copper prices to continue to climb, constantly updating recent highs, and Shanghai copper rose another 500 yuan / ton to a high of 49400 yuan / ton during the day
.
After the copper rose sharply, the market premium was high and low, the morning market holders quoted a premium of 130 ~ 150 yuan / ton, a large number of imported copper goods outflow, holders are eager to exchange cash at a high price, but the market is afraid of high buying and unable to buy, the transaction is fruitless under the flat water copper led to a landslide-style downward trend, flat water copper quotation fell straight down 100 yuan to about 90 yuan / ton, good copper quotation slipped to the premium around 100 yuan / ton, a small number of transactions
.

Futures prices continued to rebound, traders and downstream are afraid to stop and wait and see, holders sell a large number of goods, intraday quotations are almost cut is difficult to improve to improve market buying, the characteristics of strong and weak futures are highlighted, and the premium has not seen a signal
to stop falling.
In the afternoon, Shanghai copper fluctuated at a high level around 49350 yuan / ton, the spot market is still high and difficult to promote the digestion of the source of goods, the quotation is stable at flat water copper premium 70-80 yuan / ton, good copper premium 80-90 yuan / ton, the transaction price continues at 49370-49490 yuan / ton
.

The main force of Shanghai copper extended its rally during the day, mainly due to the continued easing
of economic policies.
During the day People's Bank of China the relending and rediscount interest rates
were lowered again.
After the 0.
25 percentage point reduction, the interest rates of 3-month, 6-month and 1-year reloans for rural support and small loans will be 1.
95%, 2.
15% and 2.
25% respectively.
The rediscount rate was cut by 0.
25 percentage points to 2%.

The major positive news for the real economy and capital market has effectively boosted market confidence and promoted copper prices to rise
sharply.
Separately, the June Caixin PMI recorded 51.
2, up 0.
5 percentage points from the previous month and hitting a new high
since December 2019.
The manufacturing PMI index has been in the expansion range for two consecutive months, reflecting that China's economic recovery growth has formed a good trend, and the manufacturing boom has risen significantly
.
Investor sentiment preference continues to be optimistic, supporting copper prices to the upside
.