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Today, the main force of Shanghai copper fluctuated to the upside
.
At the end of the day, the main 2209 contract of Shanghai copper closed at 60930, up 1220, or 2.
04%.
On the demand side, domestic infrastructure projects have started intensively, the amount of power grid investment is considerable, and with the introduction of the national policy of guaranteeing the delivery of buildings, the market's concerns about the real estate industry have eased
in the early stage.
On the supply side, SHFE went to stock for three consecutive weeks, but the pace slowed down, and the low inventory support remained but weakened at the margin; Most smelters basically resumed production in August, and overall production capacity recovered
.
On the macro front, the US non-farm payrolls data for July was strong, and the market's fears of a global recession were further eased, and the Shanghai copper returned to above 60,000 and stabilized
after a short-term dive.
At present, it is in the macro policy window period, and copper prices have further returned to fundamentals
.
Watch for the direction
of US CPI data on macro sentiment on Wednesday.
In the short term, copper prices remain strongly volatile
.
