Shanghai copper runs strongly, and prices have risen sharply

In terms of the market, the average price of spot 1# copper in the Yangtze River on August 1 was 61640-601680 yuan / ton, up 1200 yuan / ton; Liter 490-liter 530, up 70 yuan
.
In the spot market, the cargo holders are enthusiastic but the willingness to hold prices is strong overnight, the receiving sentiment of the receiver is general, the downstream is cautious in the face of high premiums, the wait-and-see mentality is getting stronger, and the trading atmosphere is far-fetched, but the overall trading volume is still increasing
.

In terms of inventories, as of July 30, copper stocks on the London Metal Exchange (LME) increased by 700 tons, or 0.
54%, to 131275 tons; As of July 29, copper stocks traded in the previous period decreased by 13,325 tons to 37,025 tons, down 26.
46% from the previous week;

On the supply side, overseas copper mine supply has been disrupted, copper production targets have been continuously lowered, domestic concentrate supply has generally stabilized, processing fees have decreased slightly, and inventories in the previous period have decreased
sharply for two consecutive weeks.

On the demand side, the operating rate of scrap copper enterprises increased by 4% to 36%, which is still at an extremely low level, and terminal consumption is still relatively weak, but the inventory has been continuously reduced in the off-season, reflecting the slow recovery of downstream demand
.

Comprehensive analysis, Shanghai copper continued to rise strongly, up 1170 yuan, an increase of 1.
96%.

The overall macro atmosphere was warm, the Fed's interest rate hike slowed down to weaken the US dollar, and Shanghai copper inventories fell sharply, providing strong support
for the further strengthening of copper prices.
At the same time, August will usher in a macro window period, with overseas interest rate meetings absent and domestic Politburo meetings or positive policies introduced
one after another.
On the supply side, the production of major overseas copper mines has declined one after another, mainly due to various disturbances, production targets are expected to be lowered, supply shortages are worrying, coupled with the recovery of domestic downstream demand, spot premiums are widening, and the monthly difference is widening, further boosting copper prices to soar again, standing firm at 60,000 first
.