Brief review of Shanghai copper on August 10

On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, and although the dollar trend was relatively strong after the interest rate meeting, it is largely an overdraft
of future economic growth.

In terms of fundamentals, the current TC price continues to rise, coupled with the rumors of domestic storage dumping, so the supply side has a more negative impact on copper prices, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, so overall, in the cross-variety arbitrage with the main
long allocation.

U.
S.
employment data is high, Fed officials say they should scale back bond purchases as soon as possible, interest rate hike discussions heat up, liquidity expectations narrowing hit copper prices bottoming out overnight; On the other hand, the disturbance of the Chilean copper mine strike has increased, and the uncertainty on the news surface has increased
.
At present, Shanghai copper fundamentals are affected by the spread of the epidemic, and consumption is weak in the short term, but in the medium and long term, affected by the green energy transition, there are still demand expectations
.
In the near future, Shanghai copper may be mainly range-bound, the overall momentum is weak but still has a supporting effect, and the impact of the surrounding market may increase
.