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On Thursday, the main force of Shanghai copper fluctuated downward, and the main 2209 contract of Shanghai copper closed at 61170, down 910, or 1.
47%.
On the macro front, Fed officials' attitudes towards interest rate hikes have been relatively changeable recently, and in the early morning 2024 FOMC voting committee, San Francisco Fed President Daly said that it is too early to declare victory over inflation, the Fed will continue to raise interest rates to the appropriate level, a 50 or 75 basis point rate hike in September is reasonable, and interest rates need to be slightly above 3%
by the end of the year.
In terms of mine supply, last week, according to Mysteel, copper concentrate spot market activity increased, standard clean mine transaction TC remained around the median of $75, mine direct sales or traders bought TC slightly lower
.
Uncertainty
remains for the movement of goods in Chile, Peru and Africa.
On the demand side, Zhejiang and Anhui have reduced their load due to hot weather and tight electricity consumption, but at present, the impact on copper concentrate feeding of copper smelters is small, and it is necessary to pay attention to whether the duration will be extended
in the future.
In terms of consumption, the current market premium is rising again, and it needs to recover slightly at the beginning of the week, but in the case of high premium, it is still difficult to see
a large number of buying prices.
In terms of stocks, LME stocks fell 0.
24 million tonnes to 126,500 tonnes
yesterday.
SHFE stocks fell 0.
18 million tonnes to 06,500 tonnes
.
Overall, although there is interference on the supply side, it is still relatively abundant overall, but demand is still in the off-season, so the fundamentals are not very optimistic
.
The current market believes that the pace of Fed interest rate hikes will slow down, which is a more favorable factor
for copper prices.
Coupled with the current production and power restrictions again, this may cause some concerns about the overall supply of the non-ferrous sector in the future, so under the current circumstances, copper varieties are still recommended to bargain inhalation for the time being
.
