Shanghai copper trend is strong, short-term prices continue to fluctuate

During the Asian session, London copper fluctuated in a narrow range, and the latest quotation at 15:01 Beijing time was 9425 US dollars / ton, up 49 US dollars, or 0.
53%.

In the market, today's domestic spot copper prices rose, 1# copper price was 69640 yuan / ton, up 760 yuan, premium 310-370; Guangdong spot 1# copper price was reported at 69400 yuan / ton, up 790 yuan; Yangtze River spot 1# copper 69710 yuan / ton, up 740 yuan, premium 390-liter 410; Shanghai spot 1# copper price was 69695 yuan / ton, up 860 yuan
.

In the spot market, domestic spot is tight, downstream inquiry is active, the receiving party maintains just need to buy, and the trading volume is limited overall
.
Domestic consumption has a certain degree of resilience, Shanghai copper warehouse receipt inventory continued to fall by 1396 tons to 70243 tons, and refined copper social library is still declining, coupled with the recent tightening of scrap supply and refinery production disturbance, short-term copper prices continue to fluctuate
.

Industry news, foreign media July 16: A spokesman for Freeport Indonesia said on Thursday that U.
S.
mining giant Freeport McMoRan will not continue plans for its Indonesian subsidiary and China's Tsingshan Holding Group to build a new copper smelter
.

Domestic consumption resilience still exists, the weakest cable field in the first half of the year in the recent recovery of demand, may weaken the off-season effect of consumption in the third quarter, but the recent tightening of scrap copper supply and refinery production disturbance background, destocking is expected to continue, and Shanghai copper warehouse receipt inventory continues to decline, copper prices rise
.