Manufacturing industry is still weak Shanghai copper continued lack of motivation

The Shanghai copper futures contract opened higher in the morning on July 2 and the main 1210 contract closed at 55,470 yuan/ton, up 680 yuan. The EU leaders’ summit meeting reached an agreement on a series of measures to deal with the debt of the euro zone and the banking crisis. This has greatly boosted investor confidence. However, domestic PMI data show that the future manufacturing industry is still showing a weak trend, and the downstream demand of the copper market is still light, and short-term copper upward pressure continues to exist. Shanghai copper is expected to maintain its rebound in the short-term, but it will face 60-day moving average pressure.

On the macro level, Van Rompuy, the permanent chairman of the European Council, announced early on the 29th that eurozone member states have agreed to allow the euro zone’s permanent rescue fund, the European Stability Mechanism (ESM), to directly inject capital into crisis-affected member banks, provided that the euro zone First built a single banking supervision mechanism. EU leaders stated that they will accelerate the pace of establishing a single regulatory agency to oversee the major banks in the euro area and agreed to take measures to ease the increasing pressure on Spanish and Italian borrowing costs.

On the domestic front, the National Bureau of Statistics announced on July 1. In June 2012, the China Manufacturing Purchasing Managers Index (PMI) was 50.2%, 0.2 percentage points lower than the previous month, the lowest in seven months, indicating that the current economic development is still There is downward pressure.

Industry news, data released by the Chilean government statistics agency on Friday showed that in May, Chile’s copper production increased by 3.6% from the same period last year to 458,640 tons. Chile is the world’s largest copper producer. The National Bureau of Statistics of Chile (INE) attributed the increase in copper production to an increase in the production of mines that were put into production in 2011, and the number of copper ore mines processed by unknown mines has increased. During the period from January to May this year, Chile’s copper production totaled 2,191,985 tons, an increase of 1.9% from the same period last year.