Overseas takes over the baton of recovery and the trend of Hulun copper inventory continues to diverge.

SMM: London Metal Exchange (LME) data released on Monday showed that Lun copper inventories continued to decline to 151075 tons, a new half-year low. At present, the economies of most overseas countries have restarted, and the exchange's copper inventories have been reduced by more than 100,000 tons in the past two months, supporting the rise in futures prices.

As of July 17, copper stocks in the previous period rose for three weeks in a row, with weekly inventories rising 15.52% to 158647 tons, a recent two-month high, indicating that after entering the off-season of traditional consumption, copper market consumption has weakened.

COMEX copper inventory high shock. Inventories rose to 89210 short tons as of July 20, the highest level since January 25, 2019. Copper inventories on the exchange reached an inflection point in mid-March and have since climbed and are now up about 225 per cent from their previous low of 27404 short tons.

Note: generally speaking, declining stocks in domestic and foreign exchanges will support the futures price, otherwise, it will be bad for the futures price.

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