Shanghai copper rushed back down, downstream demand has not improved for the time being

During the Asian session, London copper bottomed out, and the latest quotation at 15:01 Beijing time was 7768 US dollars / ton, up 13 US dollars, or 0.
16%.

In terms of the market, today's domestic spot copper prices rose slightly, Yangtze River spot 1# copper 60600 yuan / ton, up 60 yuan, premium 250-liter 290; The Yangtze River Comprehensive 1# copper price was reported at 60620 yuan / ton, up 150 yuan, 230-350 liters; Guangdong spot 1# copper price reported 60630 yuan / ton, up 240 yuan, premium 200-liter 400; Shanghai spot 1# copper price was 60400 yuan / ton, up 30 yuan
.

In the spot market, buying interest is weak, import sources have entered the circulation is abundant, some holders choose to sell goods for cash, receivers are cautious in purchasing, and the overall transaction is not satisfactory
.
The US dollar rose, while macro sentiment turned cautious, the trend of Shanghai copper was under pressure, but the output of many copper companies in Chile declined, the copper inventory warehouse receipts in the previous period continued to decline, and there were still replenishment actions under the demand off-season, which provided some support
to copper prices.

Shanghai copper opened low today, and the latest opening price of the Shanghai copper 2209 contract was 59660 yuan / ton, down 390 yuan
.
Data show that the slowdown in global manufacturing and economic growth has put pressure on copper prices, on the one hand, the market is increasingly worried about the aggressive interest rate hikes by major central banks in Europe and the United States to control inflation, on the other hand, although domestic social inventories have declined, downstream demand has not improved, the real estate side is still weak, and it is difficult for consumption performance to recover sharply in the off-season, and copper is expected to fall
slightly.