SunSirs: The Morning News of Copper on June 11th

https://www.chemnet.com   Jun 12,2024 SunSirs

On the previous trading day, London copper opened at 9,745 US dollars/ton, with a peak of 9,913 US dollars/ton and closing at 9,881 US dollars/ton; Compared to the previous trading day, it increased by 132.5 US dollars/ton, or 1.36%. The main copper contract in Shanghai closed at 81,530 RMB/ton, up 280 RMB/ton, or 0.34%.

On a macro level, following Canada, the European Central Bank announced a 25 basis point interest rate cut, becoming the second central bank of G7 member countries to cut rates. Although the European Central Bank stated that this rate cut may not officially enter a rate cutting cycle, global expectations of easing may rise again, which was a short-term positive for copper prices.

Fundamentally speaking, the spot TC of copper concentrate remained at a premium level, and the tight supply situation of major overseas mines continued. Although the positive outlook on the raw material side continued, the domestic electrolytic copper production also maintained a high level, and high prices during the same period had suppressed the recovery of terminal demand. Under the conditions of high production and weak consumption, social inventory continued to increase slightly. Although it had not yet significantly suppressed copper prices, it also weakened the upward momentum of copper prices.

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