August 9 Copper Market Morning Review

On the macro front, the non-farm payrolls data far exceeded expectations, the market's confidence in the US economy has been boosted, and the US July CPI data will be released this week, and the market may expect the Fed's policy to ease; Domestically, the Politburo meeting continued to inject confidence into stable growth, but it can also be seen that the strong stimulus expected by the market is gradually falling short
.

In terms of fundamentals, from a static fundamental point of view, it is still in the recovery phase and will still improve in August, and investors should pay attention to whether August has exceeded
expectations.
In addition, the recent copper concentrate default event once caused heated discussions in the market, and the impact was weak from the perspective of the event, and the intraday copper price performance was not abnormal, so it was not regarded
as an important influencing factor for the time being.
August is at the beginning of the small peak season in the second half of the year, the government has also made great efforts in stabilizing growth, copper demand in the power grid investment and new energy demand exceeded expectations performance is not weak, so although copper prices have rebounded, but the market may still have deviations in the demand for copper, the July rebound also broke the negative feedback on the industry, the willingness to replenish downstream stocks is gradually stronger, and the probability of maintaining a rebound in August is large
.