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Copper market morning comment: London copper rose sharply yesterday, and the main contract of Shanghai copper closed higher
overnight.
Short-term pessimistic expectations release, demand for good expectations, copper prices stabilized and rebounded, and the recovery rate needs to pay attention to spot performance
.
On the macro front, the July interest rate meeting raised interest rates by 75BP, in line with market expectations, the market has slowed down interest rate hikes, and the dollar has retreated
.
However, the message conveyed by the meeting is not enough to dispel the market's concerns, tight policy is still one of the main logics of overseas markets, and it is necessary to pay attention to inflation and other data during the next interest rate hike vacuum period; The domestic epidemic situation is still increasing, domestic real estate risk events have also fermented, and macro bearishness has been realized in the short term, and further suppression may be limited; Domestic policy remains dominated by stability
.
On the supply side, there are more disturbances at the mine end, and the processing fee is reduced, but there is an increase in domestic smelting, and there are not many
sources of import customs declaration.
On the demand side, there was a slight improvement month-on-month, with downstream replenishment actions, inventory declined, and premium water rebounded
.
However, the terminal did not see a significant improvement
.
Continue to pay attention to the cable end of the infrastructure in July and whether the real estate chain can improve
.
