July 15 Shanghai copper brief commentary

On the macro side, the current market may be in the process of gradually desensitizing the Fed's tapper, the domestic central bank's RRR reduction will release trillions of funds, and the boost in consumption may promote a new wave of commodity prices
.
On the supply and demand side, the disturbance of the epidemic and strikes in South America gradually recovered from the mine end, and the maintenance of domestic copper enterprises in July was small, and the supply of copper mines tended to be loose
in the short term.
The performance of downstream consumption in the off-season is more obvious, and the demand for copper market has not changed significantly
.

Overnight, the Fed maintained a short-term attitude towards inflation, Powell was inclined to debate the continuation of loose monetary policy, the US index slipped and fluctuated, and Shanghai copper rebounded
near range support during the day.
At present, the industry generally believes that copper is still in the off-season of consumption, the fundamental driving effect is low, the upward rush around 69,000 storage pressure slide, it is expected that Shanghai copper is still mainly range-bound in the near future, and the night trading may have a slight decline to stabilize
.
Pay attention to the volatility around 6.
8-70,000
.