Shanghai copper trend is strong, short-term macro will still dominate the market

During the Asian session, London copper fluctuated in a narrow range, and the latest quotation at 15:01 Beijing time was 7449 US dollars / ton, up 59 US dollars, or 0.
81%.

On the macro front, due to the market's poor expectations of US inflation data, European and American stock markets continued to fall in the early part of last week, and there were media reports that the White House expected that the CPI index in June would "rise sharply", and strong interest rate hike expectations were rekindled
.
According to data released by the US Department of Labor, the US CPI in June was 9.
1% year-on-year, higher than the expected value of 8.
8%, and the largest increase since the end of 1981, and the market even expected that the probability of the Fed raising interest rates by 100 basis points in July increased to 90%, and the dollar took advantage of this to rush to a maximum of 109.
14 points, putting greater pressure
on copper prices.
In addition, the IMF once again cut its US economic growth forecast for this year and next, and warned that the overall rise in inflation poses a "systemic risk" to both the US and global economies, and copper prices have little backhand and continue to fall
under the dual concerns of inflation and poor economic growth prospects.
However, macro market worries have eased
significantly recently.

Today's domestic spot copper prices rose slightly, Yangtze River spot 1# copper 57750 yuan / ton, up 550 yuan, premium 580-liter 620; The Yangtze River Comprehensive 1# copper price was reported at 57570 yuan / ton, up 440 yuan, and the premium was 360-480; Guangdong spot 1# copper price reported 57390 yuan / ton, up 330 yuan, premium 140-liter 340; Shanghai spot 1# copper price was 57610 yuan / ton, up 460 yuan
.

In the spot market, the willingness to replenish downstream stocks rebounded slightly, the upper and lower trading volumes picked up, and the overall trading volume was acceptable
.
The Fed's aggressive interest rate hike expectations cooled, market sentiment improved, the dollar index fell, and the inventory in the previous period plummeted, and copper rebounded at a low level, but domestic supply is still relatively abundant, and the improvement in demand has not reached a very strong depth, so the copper price rebound is highly limited, and it is difficult to have a sustained upward trend
.

The short-term macro market will still dominate copper prices, and after Fed officials calmed the market panic, the expectation of a 100BP interest rate hike in July cooled significantly, and the macro market pressure eased, and copper prices are expected to fluctuate near key technical levels
.