SMM July 10: On Friday night copper opened at $8318 / ton, the beginning of the day briefly lower to reach the bottom at $8286 / ton, and then on the way up towards the end of the day to touch higher than $8380 / ton, the end of the day horizontal finishing finally closed at $8366.5 / ton, the volume to 15,000 tons, positions 257,000 tons, up 1.08%. Overnight Shanghai copper main 2308 contract opened at 67790 yuan / ton, the beginning of the session lower to touch the bottom at 67700 yuan / ton, and then higher intraday touch higher than 68020 yuan / ton, and then sideways finishing to the end of the session, the final close at 67940 yuan / ton, the volume to 27,000 hands, positions to 190,000 hands, up 0.32%. On the macro front, the U.S. non-farm payrolls in June fell back beyond market expectations, and signs of weakening labor market resilience reduced the prospect of the Fed maintaining high interest rates for a long time, and the market is once again skeptical about the trajectory of interest rate hikes after July. The U.S. index dived sharply, favoring copper prices. Fundamentally, as of last Friday, July 7, SMM national mainstream regional copper inventories increased by 15,300 tons to 120,300 tons in the ring compared to last Monday, up 21,200 tons from last Friday, with weekly accumulation for two consecutive weeks. Specifically, inventories in East China increased substantially due to the arrival of a large amount of imported copper clearances and more limited consumer demand; inventories in South China continued to decline, mainly due to fewer arrivals and more direct downstream shipments from refineries.
On the consumption side, copper prices are running high, and demand is weaker under the low consumption season. Price, the path of the U.S. interest rate hike is still affected by economic data, copper prices are expected to be in a relatively high range oscillation before the rate hike resolution is executed.
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