沪铜窄幅震荡 进一步下跌动能暂时不强【7月16日SHFE市场收盘评论】

Group 1 - Copper prices showed a slight increase of 0.06% in the morning session, with limited downward momentum due to low inventory accumulation in non-US regions and a narrowing price gap between refined and scrap copper [1] - Positive economic data from China has somewhat boosted metal demand expectations, while the US June CPI rose by 2.7%, slightly above the expected 2.6%, indicating the impact of tariffs [1] - LME copper inventory has been gradually increasing, influenced by the potential implementation of US copper tariffs, with a notable decrease in cancellation warehouse receipts [1] Group 2 - New Lake Futures indicates that the easing of the US siphon effect has led to a significant alleviation of tightness in LME and domestic spot markets, resulting in weaker copper prices [2] - The copper price around 80,000 has notably suppressed domestic consumption, but this consumption is expected to gradually release as prices decline [2] - Overall domestic and LME inventories remain at historically low levels, suggesting limited downside for copper prices, with potential opportunities for companies to procure raw materials at lower prices [2]