Brief review of Shanghai copper on August 9

On the macro front, the Fed raised interest rates by 75BP as scheduled, and other relevant statements were in line with expectations, but Fed officials continued to make hawkish statements recently, raising the probability of a 75BP rate hike in September, and the dollar index recovered
.
Data released by Eurostat on the 3rd showed that retail sales in the euro area fell by 3.
7% year-on-year in June, the largest decline since February 2021
.
Eurozone gross domestic product (GDP) grew 0.
7% month-on-month in the second quarter, and EU GDP increased by 0.
6%
month-on-month.
Consumer demand in the eurozone has fallen markedly due to persistently high inflation, and business activity is showing signs of
slowing.

August is the macro window period, and from the perspective of domestic demand, the fundamentals are in the chain repair stage
.
At the same time, the domestic refined waste price spread has further narrowed, the current electrolytic copper substitution effect has been enhanced, the short-term support logic is still dominated by tight spot supply and warm market sentiment, and Shanghai copper materials remain strong and volatile
.
Watch for the guidance of macro sentiment from the US CPI data for July on Wednesday night
.