Shanghai copper runs weakly and has limited downside

Today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 52090 yuan / ton, down 1290 yuan, discount 40-liter 20; Guangdong spot 1# copper price was 52070 yuan / ton, down 1180 yuan; Yangtze River spot 1# copper price 52200 yuan / ton, down 1200 yuan, premium 80-liter 100; Shanghai spot 1# copper price was 52110 yuan / ton, down 890 yuan
.

In the spot market, holders offered enthusiastically, traders were not active, some downstream entries were replenished, and consumption did not improve
significantly.
Due to the expansion of manufacturing activities and the shortage of scrap supply, China's copper imports climbed 50% month-on-month in June, and the current supply is facing greater uncertainty, LME inventories continue to deteriorate, and copper prices are expected to have limited
downside.

Industry News:

1.
The Centinela copper miners' association of Chile's Antofagasta company voted to reject the final wage proposal and decided to strike
in Chile.
Union president Celso Pardo said the strike would begin
next Monday unless the government mediates by Friday.

2.
Chilean trade unions said that 99% of the workers at the Zaldivar copper mine owned by Antofagastastas, Chile, rejected the collective wage agreement and decided to go on strike on July 15, pending government adjustment
.

3.
According to foreign sources, sources and analysts said that the heavy rains have caused delays in inland water transportation, but the impact on China's main copper smelters has been limited
so far.
A contact with Jiangxi Copper said the company was not affected much because most of the goods were transported
by rail.
Analysts at the British Commodity Institute said the impact has been limited
so far.
Flooding has slowed inland waterway transport of copper concentrate and sulphuric acid, but unless it persists for a significant period of time, it is unlikely to cause smelter production
to be reduced.