The overall pressure operation of copper prices will be dominated by a volatile pattern in the near future

On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, and the US dollar has retreated after the July Fed interest rate meeting, and the Fed has not yet begun to reduce its current bond purchases
.

In terms of fundamentals, the current TC price continues to rise, coupled with the domestic dumping of reserves, so the supply side has a more negative impact on copper prices, while on the demand side, China's current control of the new crown epidemic is still very successful, and the new energy and new infrastructure sector will continue to pull copper demand, so overall, the current fundamentals maintain a relatively neutral attitude
.
However, the macro is relatively favorable
for copper prices.

Last week, Fed officials released hawkish attitude, and better than expected non-farm payrolls intensified the market's concern that the Fed may reduce the scale of bond purchases in advance, the dollar strengthened sharply on Friday, but in the process, copper prices are relatively resistant to the decline compared to precious metals, and in the middle of the week when the price falls, the market premium quotation is also quite high, and in terms of the current inventory situation, the current domestic situation seems to be just beginning to accumulate.

Therefore, in general, the current fundamental factors are relatively neutral on prices, so prices may also be dominated by a volatile pattern in the near future
.