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Trade Service
Copper market morning comment: London copper rose slightly yesterday, and the main contract of Shanghai copper closed higher
overnight.
Copper prices rose driven by the decline in domestic copper inventories, the increase in demand for imported copper and the market's digestion of the Fed's interest rate hike, the strong US non-farm payrolls data showed that the economy was strong, which helped copper consumption, the market trading atmosphere was warm, copper prices fluctuated up, and the operation
was strong.
Macro, the vacuum period of the September FOMC meeting, mainly focusing on non-farm payrolls and CPI data, Friday's US non-farm payrolls data significantly exceeded expectations, the probability of a 75BP rate hike increased, the dollar recovered, and the next indicator to pay attention to was the US July CPI data
.
Domestically, the Politburo meeting at the end of July was still mainly based on support, but more emphasis was placed on implementation, and the largest AMC came to rescue real estate, and real estate was expected to improve marginally
.
On the supply side, there are more disturbances at the mine end, the processing fee is reduced, and the maintenance of domestic smelting enterprises is basically over; Although imported copper continued to clear customs, domestic demand rebounded, and spot premiums rose again
.
On the demand side, cable consumption driven by infrastructure has gradually returned to normal levels, and the downward trend of household air conditioning production in August has changed significantly
.
Overseas demand is weakening
.
On the whole, macro long and short are interappearing, demand margin is improving, and short-term shocks are strong
.
