July 30 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 trend was relatively strong after the interest rate meeting, it is largely an overdraft
of future economic growth 。 The preliminary annualized quarterly rate of real GDP in the second quarter of the United States recorded 6.
50%, 0.
1 percentage points higher than the previous value, but far below the expected value of 8.
50%; However, the preliminary annualized quarterly rate of the core PCE price index in the United States recorded 6.
10% in the second quarter, jumping 3.
6 percentage points from the previous value, but the dollar index did not benefit from this, and still continued the previous weakening trend, which is undoubtedly a more favorable factor
for copper prices, especially in the current situation of relatively small fundamental changes.

Overseas industries and enterprises recovered strongly, the Fed tightened policy less than expected due to the epidemic, and the short-term tightening of monetary liquidity may be reduced, releasing some pressure
on copper prices.
The recent increase in the risk of strikes in Chilean copper mines has driven prices to remain high due to positive factors in the copper market
.
At present, copper terminal consumption has shown signs of boosting, entering the August Shanghai copper or as expected to enter a moderate upward cycle, short-term it is recommended to pay attention to the range of 7.
13-72,000 fluctuations to sort out, or first shock storage power to finish, waiting for more good news to land
.