Shanghai copper fluctuates at a high level, and the consumer market shows signs of weakening

During the Asian session, London copper is running strongly, and the latest quotation at 15:01 Beijing time is 9341 US dollars / ton, up 72 US dollars, or 0.
78%.

In terms of the market, today's domestic spot copper prices rose, 1# copper price was 68260 yuan / ton, up 1030 yuan, discount 30-liter 30; Guangdong spot 1# copper price reported 68130 yuan / ton, up 1150 yuan; Yangtze River spot 1# copper 68330 yuan / ton, up 1060 yuan, premium 60-liter 80; Shanghai spot 1# copper price was 68220 yuan / ton, up 1020 yuan
.

In the spot market, the overall production is more and less, demand continues to decline, mainly traders ship, downstream is just less mining, trading continues to stalemate
.
The specific quantity of the first batch of dumping has been released, and 20,000 tons of copper varieties will be dumped on July 5 and 6; However, the quantity is actually limited, and copper prices continue to stabilize and rebound; The tight pattern of copper concentrate remains, and although processing fees rebound slightly, market sentiment remains weak
.

On the macro front, the Fed's June interest rate meeting was generally hawkish, although it maintained its easing policy, but raised the interest rate on excess reserves and the overnight reverse repo rate, and for the first time there was an expectation of two interest rate hikes in 2023, and the expectation of interest rate hikes was advanced again, which overall strengthened the market expectation that monetary policy was about to turn, and monetary policy entered a transition period
.
In terms of policy, according to the currently announced reserves in July, the aluminum ingot social library will not have much increment, and considering that China's imports still have a certain gap, the overall supply and demand balance of aluminum throughout the year is not too much disturbance
.

Fundamentally, supply-side disruptions are fading, and the downstream consumer market has shown some signs of
weakening as the July consumption off-season approaches.
Overall, in the policy pressure and the weakening of the fundamental margin or limit the upward movement of aluminum prices, it is recommended to operate in
ranges.