July 13 Shanghai copper brief commentary

The market bet on the US CPI data for June in advance, and copper prices continued to test new lows
.
At the macro level, the IMF once again lowered its US GDP growth forecast, and at the same time expects US consumer spending growth to fall to zero in early 2023, overseas recession expectations may be inevitable, and market confidence continues to suffer.

The natural gas crisis in Europe has rekindled, inflation has been slow to cool, many central banks have continued to raise interest rates sharply, and liquidity has further contracted
.

Domestically, variants have emerged in Shanghai, and the epidemic in many places has repeatedly led to sluggish
consumption.
Under macro pressure, copper prices are difficult to stop, and the space from the cost line is still large, if the short-term Shanghai copper falls below 55000, the target support level will be lowered to 50000
.
Operationally, it is recommended that the downstream be replenished as needed, and traders can fast forward and fast out to avoid stockpiling
.