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Copper market morning comment: LME copper strengthened overnight, the domestic close was at $7760, then the price strengthened, the price rose as high as 7865 and finally closed at $7772
.
Shanghai copper weakened overnight, opening low at 62020 yuan, then the price strengthened, the highest 62390 yuan, and finally closed at 62270 yuan
.
Overnight, copper prices ran strongly, the dollar index was strong, and industrial products rebounded
after opening low.
In August, the domestic economic data picked up, and the cumulative increase in infrastructure investment from January to August was 10.
37% year-on-year, boosted by the high growth of infrastructure investment and the high prosperity in the new energy field, superimposed on the traditional consumption season of "Golden Nine Silver Ten", copper consumption improved month-on-month, and the operating rate of cable enterprises in August increased by 1.
2 percentage points month-on-month, and September is expected to rise to the same period last year
.
This week will usher in the Fed's September interest rate meeting, and the market expects the Fed to raise interest rates by 75BP.
Under the pressure of high inflation in the medium term, overseas central banks have raised interest rates sharply, and the pressure of slowing overseas economic growth will continue to suppress copper prices
.
However, short-term low inventory and high premium support copper prices, and copper consumption has improved month-on-month, and short-term copper price shocks are expected to run
strongly.
There is still pressure above copper prices in the medium term, and attention is paid to the subsequent changes in copper inventories
.
