July 28 Shanghai copper brief commentary

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 has been strong after this interest rate meeting, it is largely an overdraft
of future economic growth.
The Fed interest rate is imminent, the global variant of the new crown spread is serious, the market hopes for the follow-up easing pattern increases, but there is still uncertainty before landing, causing copper price fluctuations, and after touching the pressure level within the day, it will fall
.

In terms of fundamentals, the current TC price continues to recover, 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, it maintains a relatively neutral attitude
.

The core of this round of copper price upward is mainly concentrated in the Fed's liquidity wind, if the tone is loose may be in line with the expected moderate boost pattern in August, and the tighter may bring rally and more obvious pressure levels
.
It is expected that Shanghai copper will still be dominated by high volatility in the near future, and there may be a mild shock upward in August, and short-term attention will be paid to the competition for 72,000 or so, with a range of 7.
1-75,000
.
Operationally wait-and-see, downstream just need to take goods, it is recommended to wait for the Fed interest rate to land in the evening
.