U.S. CPI rose 3% year-on-year in June, below market expectations

U.S. CPI rose 3% year-on-year in June, below market expectations of 3.1%. At the same time June CPI fell 0.1% YoY, deviating from the market's expected 0.1% growth, the year's interest rate cut is expected to rise sharply, the market is skeptical about the prospects for economic recovery as well as demand pull.

On the domestic side, the supply side, although the overall TC costs are low, but there are signs of stabilization, coupled with the previous refinery overhaul into the end, the market has resumed production expectations. Overall, overseas interest rate cuts are expected to be stronger, the market risk appetite, while copper demand remains weak, copper prices are expected to be low shock, pay attention to the domestic policy changes in the fundamentals of the weak reality.