The slowdown of global manufacturing is a key factor under pressure on base metals. Although copper futures have shown a certain degree of resilience, the weak midline pattern is difficult to change.

China's monthly copper production

Since June, LME copper futures have continued to oscillate around the integer mark of $7,500/ton, and the oscillation range has been narrowing. At the same time, LME zinc and aluminum are constantly approaching the lower edge of the oscillating range. Will the trend of zinc and aluminum lead copper prices lower? The author believes that the current slowdown of global manufacturing is the key factor for the pressure on base metals, although copper futures show A certain degree of resilience, but the weak midline pattern is difficult to change. However, the weak midline pattern is difficult to change.

The global copper spot market is weak

In July and August, the characteristics of the summer holidays in the northern hemisphere made the copper market, which was originally calm, even more dull, and the LME copper spot returned to discount quotations under the blow of weak consumption. Although a slight improvement in the US macro economy has boosted copper consumption in the US market, it is difficult to offset the heavy damage to European manufacturing caused by the European debt problem, and European copper consumption has been hit.