SunSirs: The Copper Morning Post on June 26th

https://www.chemnet.com   Jun 27,2024 SunSirs

On the previous trading day, London copper opened at 9,550 US dollars per ton, reaching a peak of 9,616.5 US dollars per ton and closing at 9,595 US dollars per ton; Compared to the previous trading day, it increased by 59 US dollars/ton, or 0.62%. The main copper contract in Shanghai closed at 78,080 RMB/ton, up 60 RMB/ton, or 0.08%.

The spot TC of copper concentrate remained at a level of fluctuation, with news that mines under Anglo American Resources would reduce production by 30% next year, causing continued market concerns about mineral shortages.

In terms of consumption, after the high decline in copper prices, terminal demand gradually improved and domestic social inventory gradually decreased.

Market outlook

Overall, the expectation of short selling in the medium to long term currency was optimistic, copper mining interference continued, and the decline in copper prices was positive for prices. It is expected that copper prices will gradually stabilize and rebound after recovering from previous overbought.

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