SunSirs: The Morning News of Copper on June 12th

https://www.chemnet.com   Jun 13,2024 SunSirs

On the previous trading day, London copper opened at 9,884 US dollars per ton, with a peak of 9,941 US dollars per ton and closing at 9,805 US dollars per ton; Compared to the previous trading day, it fell by 76 US dollars/ton, a decrease of 0.77%. The main copper contract in Shanghai closed at 79,530 RMB/ton, down 560 RMB/ton, a decrease of 0.7%.

On a macro level, following Canada, the European Central Bank announced a 25 basis point interest rate cut, becoming the second central bank to cut interest rates among G7 member countries. Although the ECB stated that this rate cut may not represent a formal entry into a rate cutting cycle, global expectations of easing may rise again, which is beneficial for copper prices in the short term.

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 raw material market continued to be positive, domestic electrolytic copper production also maintained a high level. During the same period, high prices 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 had also weakened the upward momentum of copper prices.

Overall, macro sentiment and positive mining sentiment continued, but weak consumption and accumulated inventory dragged down copper prices. In the short term, copper prices may show a fluctuating trend in the current range.

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