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Trade Service
Copper market morning comment: London copper fell slightly last week, and the main contract of Shanghai copper closed lower
.
At present, macro long and short are different, spot is tight, and short-term trend is strong
.
On the macro front, the Fed minutes suppressed inflation as the number one priority, and the dollar index slowly recovered
.
Domestically, the Politburo meeting at the end of July was still mainly based on support, but more emphasis was placed on implementation; In July, social finance was less than expected, domestic credit expansion was weak, real estate data was poor, and the impact of the epidemic made economic recovery or slow
.
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
.
On the supply side, TC rebounded slightly month-on-month, and mine disturbance decreased; The epidemic and power shortage in some areas have affected smelting and transportation, and some smelters are scheduled to be overhauled in advance, and the supply side has been greatly affected by power cuts; Copper scrap supplies are also tight
.
Domestic demand has fallen after rising prices, especially under the high rise in spot, and the overall market transaction is not good
.
