Core Viewpoint - The copper market is experiencing limited support from supply and demand dynamics, with a slight increase in prices despite weak economic data from the U.S. and a seasonal decline in domestic demand [1] Group 1: Economic Indicators - U.S. non-farm payrolls increased by only 73,000 in July, significantly below market expectations, with the unemployment rate rising to 4.2% [1] - The unexpected weakness in U.S. employment data has raised expectations for a Federal Reserve interest rate cut, leading to a temporary rebound in copper prices [1] - The ISM manufacturing index for July was reported at 48, below expectations, while domestic manufacturing PMI also showed a month-on-month decline, further pressuring copper prices [1] Group 2: Supply Dynamics - Domestic copper concentrate processing fees have stabilized and slightly increased, but there are disruptions from overseas copper mines [1] - Chilean copper giant Codelco has halted operations at its flagship El Teniente mine due to a collapse, which may impact future production levels [1] - There is an expectation of rising LME copper inventories and domestic copper inventories, as U.S. import tariffs on copper are less extensive than anticipated [1]
沪铜勉强飘红 社会库存有所累积【8月4日SHFE市场收盘评论】
Wen Hua Cai Jing·2025-08-04 08:04