SunSirs: The Morning Post of Copper on August 1st

https://www.chemnet.com   Aug 02,2024 SunSirs

On the previous trading day, London copper opened at 9,033 US dollars/ton, peaked at 9,267 US dollars/ton, and closed at 9,240 US dollars/ton; Compared to the previous trading day, it rose by 209 US dollars/ton, an increase of 2.31%. The main copper contract in Shanghai closed at 74,970 RMB/ton, up 1,370 RMB/ton or 1.86% from the previous trading day.

From a fundamental perspective, the spot TC of copper concentrate continued to rise, and the hot spot of mineral shortage dissipated. Copper prices continued to explore the bottom range.

From the demand side, as the decline in copper prices gradually expanded, demand was slightly better than in the previous high price stage. Domestic electrolytic copper social inventory maintained a slow downward trend, but there was still a wait-and-see attitude downstream.

Overall, the current downward adjustment of copper prices has not yet confirmed a reversal, and in the short term, it is still mainly running at a low level.

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