Macro side, US hard data has begun to loosen. US Fed Governor Bowman expressed support for starting interest rate cuts in September, with three cuts expected this year. JPMorgan Chase also revised its interest rate cut expectations from once to three times, which is bullish for copper prices. Additionally, Trump announced last Friday that he would meet with Putin in Alaska on August 15, possibly involving territorial exchanges, which has heightened Ukraine's concerns about being forced to cede land.
Fundamentals side, supply side, domestic supply replenishment has been limited, while imported supply has seen some replenishment, easing supply pressures. Demand side, due to stockpiling needs from downstream buyers last Friday, market purchasing sentiment has risen. Price side, with the current fundamentals remaining calm and US economic data reinforcing expectations for a US Fed interest rate cut in September, it is expected that copper prices will hold up well today. Additionally, this week, attention should be paid to news about the "Trump-Putin meeting." If the Russia-Ukraine issue escalates, it will put pressure on copper prices.