On the previous trading day, London copper opened at 9,868 US dollars per ton, with a peak of 10,000 US dollars per ton and closing at 9,970 US dollars per ton; Compared to the previous trading day, it increased by 84 US dollars/ton, or 0.85%. The main copper contract in Shanghai closed at 80,640 RMB/ton, an increase of 470 RMB/ton or 0.59% compared to the previous trading day.

On a macro level, the minutes of the June meeting of the European Central Bank indicated that the bank may cut interest rates three times before the end of the year, better than previous market expectations. In addition, the European Central Bank had expressed optimism about the inflation outlook.

On the Federal Reserve's side, the market may gradually adapt to the possibility of a one-time or even no interest rate cut in the second half of the year. However, the Fed's confidence in the de inflation target had boosted expectations for interest rate cuts, and the fall in the US dollar had boosted copper prices.

Fundamentally speaking, the tightening of global copper mines had given copper prices a high point positioning, with marginal support from macro expectations. As of July 8th, terminal demand for copper was relatively weak, and social and LME copper inventories had a high level of nearly a year. Before the supply-demand contradiction further expands, it is expected that copper prices will mainly fluctuate widely.

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