Shanghai copper trend is strong, pay attention to demand recovery in the later stage

During the Asian session, London copper bottomed out, and the latest quotation at 15:01 Beijing time was 9561 US dollars / ton, up 36 US dollars, or 0.
38%.

In terms of the market, today's domestic spot copper prices were mixed, Yangtze River spot 1# copper 72780 yuan / ton, flat, premium 430-liter 470; The Yangtze River Comprehensive 1# copper price was reported at 72660 yuan / ton, down 30 yuan, and the premium was 270-390; Guangdong spot 1# copper price was reported at 72540 yuan / ton, down 60 yuan, premium 110-liter 310; Shanghai spot 1# copper price was 72630 yuan / ton, down 95 yuan
.

In the spot market, the shipment performance of cargo holders was positive, but the downstream performance was afraid of heights, and the receivers maintained a cautious wait-and-see, reduced prices and less mining, and the overall transaction was slightly weak
.
Domestic manufacturing data performance in May can be superimposed on favorable policy stimulus, the market is expected to strengthen demand recovery, and global copper inventories continue to decline, Shanghai copper trend is strong, but spot copper prices are still suppressed by weak reality, and follow-up needs to pay attention to demand recovery
.

At present, the overall macro is bearish, the global economic growth is expected to weaken, copper prices are difficult to reach a new high, there is a short-term over-fall and the possibility of rebound brought by demand-side recovery, but the magnitude is expected to be limited
.