SunSirs: The Morning Post of Copper on July 11th

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

On the previous trading day, London copper opened at 9,868 US dollars/ton, peaked at 9,924 US dollars/ton, and closed at 9,777.5 US dollars/ton; Compared to the previous trading day, it fell by 80.5 US dollars/ton, a decrease of 0.82%. The main copper contract in Shanghai closed at 79,140 RMB/ton, a decrease of 870 RMB/ton or 1.09% from the previous trading day.

From a fundamental perspective, the tightening of global copper mines had positioned copper prices at a high point, with marginal support from macro expectations. As of July 11th, the terminal demand for copper was relatively weak, and social and LME copper inventories had reached their highest levels in nearly a year. Before the supply-demand contradiction further expands, it is expected that copper prices will mainly fluctuate widely.

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