Copper stocks fell again, as of press time, chinagoldintl (02099) fell by 7.61%, at HKD 42.50; chinfmining (01258) fell by 5.01%, at HKD 5.12; mmg (01208) fell by 4.96%, at HKD 2.49; jiangxi copper (00358) fell by 3.88%, at HKD 13.38.
According to the Smart Financial app, copper stocks fell again, as of press time, chinagoldintl (02099) fell by 7.61%, at HKD 42.50; chinfmining (01258) fell by 5.01%, at HKD 5.12; mmg (01208) fell by 4.96%, at HKD 2.49; jiangxi copper (00358) fell by 3.88%, at HKD 13.38.
On the news front, LME copper was weakly volatile overnight, and the price fell by 1.16% to USD 9,050.5 per ton; SHFE copper fell by 0.88% to CNY 74,180 per ton; the spot import window remained open.
Guangda Futures stated that from a macro perspective, the United States' July Markit manufacturing PMI shrank, significantly lower than expected, and hit a seven-month low, while the services and composite PMI were better than expected and previous values, both hitting more than two-year highs. With Harris' nomination, the "Trump deal" weakened, but the election entered a period of intense competition, which in turn affects the market's judgment on the future economic prospects of the United States. On the domestic side, the government has maintained stability and focused on the effectiveness of steady growth.
On the fundamental side, copper prices fell, stimulating some downstream restocking demand, but the differences are also increasing, and some enterprises have a continued put mentality, which restricts the recovery of orders. Although the Democratic Party's approval rating is recovering, the uncertainty of the election still suppresses market performance, and the US stocks are experiencing dramatic fluctuations, affecting market sentiment, and copper prices continue to be weak.