On the macro front, US non-farm payrolls growth in August fell far short of expectations, with the previous two months' data revised down by a combined 21,000, marking the first contraction since the end of 2020. The unemployment rate hit a nearly four-year high, sparking market concerns about the US economy. Gold continued to hit record highs, while copper prices declined.
Fundamentally, in terms of supply, imported cargoes arrived at ports last week, while domestic supply remained tight. This week, imports are expected to continue supplementing supply, and domestic arrivals are also likely to increase, with overall market supply projected to improve. Demand side, persistently high copper prices significantly dampened downstream purchasing enthusiasm, and overall demand remained weak.
Price side, the market is still weighing concerns about the US economy against optimistic expectations of a US Fed interest rate cut in September. Copper prices are expected to encounter resistance today.