Metals mostly fell in early trading, and Shanghai copper gapped, opening low

On the macro front, the US CPI and PPI both fell in July, and the market believes that the Fed will continue to raise interest rates sharply in the future, but the year-on-year growth rate of core CPI is unchanged from the previous month, indicating that high inflation is still sticky, and the Fed needs to continue to raise interest rates if it is determined to reduce core inflation
.
Domestically, the marginal weakening of economic repair momentum coupled with seasonal factors, the increase in social financing in July was less than expected, with an increase of only 756.
1 billion yuan, far lower than the market expectation of 1,388.
3 billion yuan
.
On the employment front, U.
S.
jobless claims last week recorded 262,000, the highest since
November.
Real employment is out of sync with the previously released non-farm payrolls data, indicating that the real demand in the current job market is not optimistic, and the US economy is still weakening
.

From a fundamental point of view, this week's domestic inventories changed the previous downward trend, copper stocks began to recover from the bottom, and the LME was also in a state of accumulation this week
.
At the same time, the high level of spot premium fell back, indicating that the previous tight supply and demand state is gradually changing, and the fundamental support shows signs of
weakening.

In the market, the retreat in inflation data has led the market to start trading inflation peaking expectations, and copper prices have generally been strong this
week.
However, as far as the core inflation data is concerned, the current high inflation has a strong stickiness, coupled with the macroeconomic decline and signs of weakening fundamentals, copper prices are still short
for a long time.

On the whole, the macro surface is still short for a long time, superimposed on the fundamentals to show signs of weakening, at the current price, copper prices continue to rise space is not large, the future market should not be overly optimistic
.