Macro sentiment turned good Copper prices are expected to continue to rebound

On Monday, the Shanghai copper 2209 contract fluctuated to the upside during the session, and finally closed at 60840 yuan / ton; The trend of the international copper 2210 contract was also volatile to the upside, and finally closed at 53780 yuan / ton
.
Overnight, copper rose first and then fell, with Shanghai copper and international copper following lower
.

On Monday, the Shanghai electrolytic copper spot contract was reported at 330-410 yuan / ton of premium, with an average price of 370 yuan / ton, up 20 yuan / ton from the previous day, and the plate rose above 61,000 yuan / ton.

On the macro front, the European and American stock markets ended their three-day streak in August, and U.
S.
oil fell more than 6% intraday; The media said that US House Speaker Pelosi may still visit Taiwan; The Ministry of Foreign Affairs warned the US side: China is waiting for the battle; The Eastern Theater of Operations announced that it would fight at the behest of orders; The US and Eurozone manufacturing PMIs both hit more than two-year lows in July; German retail sales fell the most in nearly three decades in June
.

Copper prices continued to rise, but fell back in overnight trading, and the overall rebound trend
.
After the Fed's interest rate hike landed, the market's tightening pressure expectations slowed down sharply, and the current economic growth in Europe and the United States is under greater pressure, and the expectation of interest rate hikes has further weakened, supporting the trend
of copper prices.
Domestically, the pattern of tight domestic spot goods continues, inventories continue to fall, premiums are high, while domestic demand is still expected to continue to improve, so supply and demand also support
copper prices.

Overall, copper prices have met our previous bottoming conditions, macro sentiment has improved, market supply and demand have improved, and copper prices are expected to continue to rebound
.