SunSirs: Copper Prices Continue to Fall on July 7
July 07 2022 14:31:02 SunSirs (John)
Price trend
As shown in the figure above, on the 7th, copper prices fall slightly, and the spot price is 58,201.67 RMB/ton, down 0.4% from the previous day, down 16.77% from the beginning of the year, and down 15.09% from the same period last year.
Analysis review
Recently, copper prices have been dropping continuously. On the 6th, the US dollar soared to a 20-year high, and pessimism broke out in a concentrated manner. The CNN fear and greed index was only 21, and the market was in a state of extreme panic.
The manufacturing PMIs of Europe and the United States have been released in June, recording 53 and 52.1 respectively, both lower than those in May. U.S. new orders fell below the boom-and-bust line for the first time since May 2020, at just 49.2.
The fundamentals of copper have not changed much, the domestic supply center is expected to rise, and the enthusiasm for smelting is still high; the recovery of domestic consumption is weak, and downstream purchases have not improved due to the plummeting price, although the current domestic inventory is still low.
Market outlook
Copper prices are expected to remain weak in the short term.
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