1、 Trend analysis
As shown in the figure above, copper prices fell slightly on the 7th, with the spot price of 58201.67 yuan / ton, down 0.4% from the previous day, down 16.77% from the beginning of the year, and down 15.09% year-on-year.
Recently, copper prices have been falling continuously. On the 6th, the dollar soared to a 20-year high, and pessimism broke out. The CNN fear greed index was only 21, and the market was in a state of extreme panic. The manufacturing PMI of Europe and the United States in June has been released, recording 53 and 52.1 respectively, both lower than that of May. New orders in the United States fell below the boom and bust line for the first time since May 2020, only 49.2. Copper fundamentals have not changed much, the focus of domestic supply is expected to rise, and smelting enthusiasm is still high; The recovery intensity of domestic consumption is weak, and downstream procurement has not improved due to the sharp decline in prices, although the current domestic inventory is still low. Copper prices are expected to remain weak in the short term.
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