On June 9, the price of 1# of Yangtze River spot copper was 78,950 yuan/ton, a slight drop of 20 yuan from the previous day. Macro pressure suppresses copper prices: Strong U.S. employment data weakened expectations of Fed rate cuts, and London copper fell. Domestic demand appeared in the off-season, with Yangshan copper premium falling to a three-month low, further dragging down market sentiment.
The inventory pattern is "ice and fire":
LME inventory continues to sell: fell to 132,000 tons, a new low in the past year. Declining inventory usually supports futures prices.
Shanghai Futures Stocks rebounded slightly:Advanced 1.5% to 107,000 tons.
COMEX inventory hits a new high: Breakthrough 188,000 tons, setting a record for nearly seven years. A significant accumulation of inventory is negative for the price.
Analysts expect that the "weak outside and stable inside" pattern may continue. The high inventory of COMEX and domestic off-season demand will continue to put pressure on copper prices, but the low inventory of LME provides certain support. Subsequent policy signals between China and the United States will become the key to guiding copper prices.
The latest market for copper and aluminum today:
Note: The above information is for reference only and is not for other purposes. Entering the market based on this is at your own risk.
