Shanghai copper runs strongly, and downstream consumption weakens

During the Asian session, London copper fluctuated upward, and the latest quotation at 15:01 Beijing time was 9882 US dollars / ton, up 61 US dollars, or 0.
62%.

Today's domestic spot copper prices rose, Yangtze River nonferrous metal network 1# copper price was reported at 70980 yuan / ton, up 480 yuan, premium 260-liter 320; Guangdong spot 1# copper price reported 70860 yuan / ton, up 700 yuan / ton; Yangtze River spot 1# copper 70960 yuan / ton, up 460 yuan, premium 250-liter 290; Shanghai spot 1# copper price was 70790 yuan / ton, up 430 yuan
.

In the spot market, the premium is showing a trend of high reporting and low movement, and the circulating supply is decreasing, the price of holders is difficult to maintain, downstream consumption is weakening, and trading is deadlocked
.
Chile's drought caused copper production to decline, and the domestic central bank interest rate cut, the market sentiment resonance optimistic, but downstream off-season consumption weakened, copper prices maintained a volatile pattern
.

On the news front, dry weather has led to a decline in copper production in Chile, with copper production expected to range from 660,000 to 690,000 tonnes in 2022 as copper ore grades decline in some mines and water shortages
are expected.
Water is indispensable for copper production and is mainly used to separate minerals from ore and for subsequent treatment; Expectations of domestic policy easing have boosted the outlook for copper demand, as expectations of further easing in China to stimulate economic growth have led to a recovery in Shanghai copper and a rise
in copper.