August 4 Shanghai copper brief commentary

On the macro front, the Fed's interest rate meeting was dovish, the dollar retreated, and the new crown epidemic in many countries rebounded, which was mixed
.
On the supply side, TC continued to rise, but there were interference events in the mine, the growth rate of refined copper production was faster, and imports slowed down
.
On the demand side, the decline in domestic inventories slowed, the premium weakened slightly, imports turned profitable, and the bonded premium rebounded
at a low level.

The spread of the domestic epidemic is grim, and lockdown policies have been introduced in various places to suppress industrial confidence
.
At present, the export of copper products is restricted and declining, the import side due to the large import of scrap copper, the consumption of finished copper raw materials has been suppressed, the disturbance of overseas mines has intensified, and the trend power of Shanghai copper is weaker under the influence of many factors, and it is expected that the recent Shanghai copper range is mainly volatile, pay attention to this round of stabilization, the night market may have a small downward exploration to re-find the possibility of support, pay attention to the support situation around 70,000 of the main force of Shanghai copper, operate the loader to maintain appropriate shipments, it is recommended to clean up inventory, downstream stocking wait-and-see, short cycle can take a small amount of goods
.