Copper mine: Excess supply and demand, high inventory, limited decline

[Fundamental Summary] Medium - and long-term demand has benefited from the transformation of new energy, but has been suppressed in the short term due to overcapacity policies and industry losses. The expectation for the second half of the year has been significantly revised downward. The interference of overseas copper mines has led to a decrease in supply, and the significant expansion of smelting is the key reason for the shortage of copper mines. The temporary weakening of the manufacturing industry in Europe and America, coupled with the slowdown in demand for new energy, has led to a return to expectations of oversupply in supply and demand. The weak demand has solved the stage contradiction of copper mine shortage, but the overall shortage of copper mines will limit the decline. As of this week, global explicit inventory remains high. LME inventory has accumulated significantly, while COMEX inventory is low but has begun to accumulate.