Market sentiment is strong, and the copper market may continue to be strong in the short term

Overnight, London copper rose sharply to close Zhongyang and hit a new high, opening slightly higher at $
6250 today.
Shanghai copper opened high and rose to close in Zhongyang, standing at 50,000 points as high as 50230, and the short-term may continue to be strong
.
Shanghai copper trading declined, positions rose slightly, and market sentiment was strong
.
However, last week, the national copper inventory turned from falling to rising, and the market was wary of the greater uncertainty of the epidemic in the United States, and it was recommended to operate
cautiously.
Short-term Shanghai copper may oscillate around 50,000, with upper pressure of 51000 and lower support of 46000
.

On the macro front, German exports will fall by 15% in 2020 and recover only slightly by single-digit percentages in 2021
.
Japan's core machinery orders rose 1.
7% month-on-month in May, compared with an estimate of -5.
0%.

Passenger car sales: Retail sales of passenger cars reached 1.
654 million units in June, up 2.
9%
from May.
The overnight news was calmer, market optimism continued, the dollar fell sharply to support the strength of non-ferrous metals across the board, and copper prices reached a new high
.

Industry News:

1.
There were 6 cases of new coronavirus infection at Glencore's KCC copper mine in Lualaba province, Congo
.
None of the other workers tested found symptoms of coronavirus, and these workers are currently isolated
at home under medical supervision.
Glencore has a 75 percent stake in KCC through its DRC subsidiary Katanga Mining, which has lowered its 2020 cobalt production forecast to 26,000 tonnes from 29,000 tonnes
previously.

2.
According to data compiled by the Federation of Copper Miners, 2,843 workers in Chile's national copper industry have been infected with the new crown virus, and the company has a total of more than 70,000 employees
.
As of July 5, Codelco's hardest-hit mines were El Teniente and Chuquicamata, with 1,044 and 636 coronavirus cases
, respectively.

3.
Chile's central bank announced that the country's trade surplus in June was $1.
391 billion, while copper exports were $2.
67 billion, up 0.
6%
year-on-year.
Total exports totalled $5,414 million, up 2.
3% year-on-year, while imports fell significantly by 18% to $4,023 million as Chile imposed
lockdowns due to the coronavirus pandemic.

Fundamental changes: 1) refined copper stocks surged more than 30,000 tonnes last week, and LME stocks fell to around 190,000 tonnes; 2) The weekly TC of copper concentrate was weak and stable around 51 US dollars, and the long order in the third quarter was 53 US dollars, and the medium-term supply of copper concentrate was still in a tight state; 3) The spot of refined copper turned to a slight premium, and the spot price gave futures some support
.

Shanghai copper broke through the 50,000 line yesterday, London copper stood firm at the $6,200 mark, the supply disturbance of overseas copper mines can be described as a wave of unevenness, the spread of the epidemic in Chilean mines has affected bulls' sentiment, and yesterday's African mines reappeared in the new crown infection
.
The long single TC in the third quarter was determined to be $53, which has set the tone for tight copper concentrate supply in the medium term, and the news surface disturbance next week TC may still have downside
.
There are signs of weakening consumption, refined copper inventories have begun to accumulate, and the consumption squeeze of scrap copper on refined copper has accelerated the decline in processing fees, but the hot equity market and the disturbance of the mine end dominate the price, and the short-term copper price is expected to remain strong, and the long position continues to hold
.