On the previous trading day, London copper opened at 9833 US dollars/ton, peaked at 9,919.5 US dollars/ton, and closed at 9,768 US dollars/ton; Compared to the previous trading day, it fell by 109 US dollars/ton, a decrease of 1.10%. The main copper contract in Shanghai closed at 79,390 RMB/ton, a decrease of 260 RMB/ton or 0.33% from the previous trading day.

On a macro level, the Federal Reserve Chairman showed a dovish tone in his semi annual monetary policy speech, coupled with CPI data reflecting a decline in inflation, which led to a rebound in market expectations for a September interest rate cut. The US dollar index fell in response, but copper prices remained relatively quiet in response and continued to fluctuate.

From a fundamental perspective, the domestic refined copper production remained at the level of one million tons last month, and it is expected that even if the production falls in July, the magnitude of the decline will be limited. However, the consumption of refined copper will remain weak, and the explicit inventory of copper at home and abroad will remain at a nearly one-year high level. In the short term, macroeconomic positive sentiment may offset some weak demand expectations, but in the context of high inventory and high production, the short-term increase in copper prices may be relatively limited.

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