I. Trend analysis
According to data from business associations, the copper market price on July 8 was 46448.33 yuan per ton, down 0.04% from the previous day and 5.2% from the previous year.
II. Market Analysis
Good U.S. non-farm employment data on Friday showed that the Fed’s interest rate cut is likely to fall in the near future. The dollar index surged sharply to depress copper prices. There is no significant change in the fundamentals of the copper market. The tight supply of copper and scrap in mines offsets the demand concerns caused by trade disputes. However, LME copper stocks increased and copper fundamentals weakened slightly.
3. Prospects for the Future Market
In summary, copper analysts from the Nonferrous Branch of Business Association believe that supply and demand are weak, and copper short-term small shocks are expected to dominate.
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