Shanghai copper continues to fall sharply Consumption performance is weak under the fear of decline

On Monday, the electrolytic copper spot contract for the month was reported at 260-300 yuan / ton, with an average price of 280 yuan / ton, unchanged from the previous day.

On the macro front, U.
S.
stocks were closed, bank stocks led European stocks to rise for two consecutive days, the ruble reached a new high in seven years, the oil market turned up to bid farewell to the four-week trough, and British natural gas rose more than 9% intraday and turned down; China's LPR stood still in June, and there is still room for reduction in the future; Lagarde reiterated the ECB's plans to raise rates by 25 basis points in July and again in September
.

On the industry front, Codelco agreed to shut down its troubled Ventanas smelter; China's refined copper production in May was 912,000 tons, up 4.
7%
year-on-year, according to a report released by the National Bureau of Statistics.

After the domestic copper price jumped low, it fell sharply during the session, and the price hit a multi-day low; Overnight, copper bottomed out, driving domestic copper prices to rebound
.
Copper prices have seen a rapid decline recently, mainly due to macro factors
.
Under high inflation, the Fed may continue to raise interest rates sharply, triggering market concerns about tightening; At the same time, domestic downstream demand recovered less than expected after the epidemic improved, so copper prices fell sharply in the short term
.

Although copper prices bottomed out overnight, the short-term rebound of copper prices is mainly the repair of sentiment, and whether it can bottom out still needs two conditions, first, the Fed's interest rate hike expectations have slowed down, and inflation expectations have fallen; The second is that domestic demand continues to improve and policy optimism is expected to pick up
.
Until then, copper prices will remain weak
.