The dollar index continues to hit new highs, and copper prices are under pressure

At the macro level, trading around the expectation of a global recession continues, copper prices fell sharply and fell below the theoretical valuation level, copper traded 75BP in July, currently due to the political turmoil in some countries around the world, the market risk aversion is high, copper prices will still have the characteristics of pressure operation, but the probability of hitting a new low in the short term has declined
.

From the perspective of industrial fundamentals, the domestic supply repair is basically in line with expectations, and the supply is relatively abundant; The operating rate of copper rods on the demand side has rebounded to a certain extent, and the downstream replenishment is neutral, but it has begun to have some willingness to stock, but from the point of view of supply and demand, the possibility of inventory continuing to dematerialize sharply is decreasing, but the accumulation is expected to rise, and the domestic shift from tight balance to surplus; Overseas, LME copper European inventories showed signs of delivery, the proportion of warehouse receipts cancelled fell to a safe level, and the low inventory pattern weakened
price support.

The current copper price continues to define the expectation of future recession, coupled with the lack of fundamental support at this time, copper prices continue to be under pressure under the macro atmosphere, but the price has basically moved down from the valuation level, pay attention to today's US CPI data
.