August 2 copper market morning review

At the macro level, the impact of two macro events landed, one is that the Fed raised interest rates by 75BP as scheduled, other relevant statements are in line with expectations, while the US GDP indicator entered a technical recession, triggering a slowdown in the expectation of interest rate hikes, the US dollar index in this week appeared a high downward trend, supporting copper prices strong performance, looking forward, the Fed rate hike in the fourth quarter may indeed slow down, this interest rate meeting is more viewed, but the direction of economic development is still bearish
.

At the industrial level, copper prices stabilized and rebounded after the decline to attract prices to attract spot enterprises to replenish inventory, domestic inventories fell sharply, warehouse receipt inventories flowed out, and domestic fundamentals returned to the pattern of high premiums and low inventories, supporting price performance, which is expected to remain for a while in August; In the long run, copper prices are still in the logic of macro recession expectation trading, and after financial attributes are greatly suppressed, the change of industrial attributes from strong to weak is relatively slow
.
In the short term, it is treated
with a continued high and strong volatility trend.