On the previous trading day, London copper opened at 9,151.5 US dollars per ton, peaked at 9,194.5 US dollars per ton, and closed at 9,050.5 US dollars per ton; Compared to the previous trading day, it fell by 106.5 US dollars/ton, a decrease of 1.16%. The main copper contract in Shanghai closed at 74,180 RMB/ton, a decrease of 660 RMB/ton or 0.88% from the previous trading day.

On a macro level, the European Central Bank maintains the July interest rate unchanged and emphasized that inflationary pressures still existed. Although the Federal Reserve's recent statements had been generally dovish, the premise was still a downward shift in inflation, and current expectations had limited potential to boost copper prices in the future.

Fundamentally speaking, the TC of copper concentrate had rebounded to a positive level, and short-term concerns about ore shortage had cooled down, but the tense situation in the medium and long term remains unchanged.

In terms of inventory, the domestic electrolytic copper inventory maintained a high range for the year, and the growth rate of LME copper inventory further expanded. The weak demand combined with the cooling of macro sentiment continued to put pressure on copper prices.

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