Brief review of Shanghai copper on August 16

The current macro performance is actually not optimistic, the slowdown in interest rate hike expectations does not mean disappearing, the signs of weakening the US economy are becoming more and more obvious, the manufacturing index continues to languish, and the phased rebound of copper prices is difficult to form an upward trend
.
At the same time, the domestic July economic data is also less than expected, the demand brought by power grid infrastructure is difficult to maintain long-term high growth, the real estate industry maintains a downward trend, and the expectation is still to build the bottom
.

In the off-season, going to the warehouse abnormally may overdraft the traditional "gold nine silver ten" peak season demand
.
On the supply side, short-term low inventories remain a speculative factor in copper prices, but smelting output is expected to pick up again in August, and its support will weaken
marginally.
Therefore, the copper price is still volatile and bearish, and the short-term focus is on the support level of 61000
.