SMM July 11 news: overnight copper opened at $ 8302.5 / ton, the beginning of the plate lower bottomed out at $ 8285 / ton, and then all the way higher near the end of the plate touched higher than 8387 U.S. dollars / ton, the end of the plate finally closed at 8383 U.S. dollars / ton, the turnover to 12,000, the number of positions to 259,000, or up 0.2%. Overnight Shanghai copper main 2308 contract opened at 67710 yuan / ton, then bottomed out at 67680 yuan / ton, and then all the way up the plate touched higher than 68090 yuan / ton, the end of the plate sideways finishing finally closed at 68020 yuan / ton, turnover to 25,000 hands, positions to 196,000 hands, or 0.29%. On the macro front, 2024 FOMC Voter and Atlanta Fed President Bostic said he doesn't think interest rates need to rise any further and the Fed can remain patient.
While San Francisco Fed President Daley believes that the Fed may need to raise rates a few more times to bring inflation back to target levels, there is a dispute within the Fed about rate hikes, and the market waits for U.S. inflation data that could affect the Fed's policy stance. Fundamentally, as of July 10 this Monday, SMM national mainstream areas of copper stocks increased by 0.53 million tons to 125,600 tons compared with last Friday, 0.64 million tons higher than the same period last year 119,200 tons.
Specifically, Shanghai inventory due to imported copper is still flowing and increase, but downstream demand due to the high price of copper superimposed on the high monthly difference and the performance of the weaker; Guangdong region inventory for seven consecutive days of decline in arrivals to reduce the magnitude of less than the magnitude of the amount of less than the amount of out of stock. On the consumption side, with a large monthly difference and poor performance of downstream orders, demand is expected to continue to decline. Price, the market waiting for U.S. inflation data, copper prices are expected to maintain a strong oscillation in the short term.
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![Sellers Held Prices Firm While Buyers Waited on the Sidelines; After the Contract Rollover, Spot Trades in the Shanghai Spot Copper Market Were Lackluster [SMM Shanghai Spot Copper]](https://imgqn.smm.cn/usercenter/HaNSH20251217171714.jpeg)
