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Copper market morning comment: macro sentiment was relatively stable last week, but the ECB's interest rate decision at the end of the week was hawkish, raising inflation expectations and lowering economic growth, and raising interest rates by 25BP in July, which led to the strengthening of the dollar; Copper prices retreated overnight last weekend, affected by the strengthening of the US dollar
.
The dollar resumed its rally on Friday, inflation in the United States was high, and the market expected the Federal Reserve to raise interest rates
.
At present, concentrate supply is generally performing well, demand performance is average, and the epidemic is worrying the market
.
The LME and inventories continued their downward trend
.
Copper prices may continue to fluctuate in the short term, and are still supported
by new energy demand in the medium and long term.
It is recommended to pay attention to the domestic epidemic, spot demand, copper downstream starts, inventory and other conditions
.
The short-term macro may put pressure on copper prices, the rebound of domestic consumption recovery is expected to be weak from the perspective of downstream construction and social treasury accumulation, low inventories continue to maintain price support, and the center of gravity of copper prices is expected to fall
.
