沪铜主力合约：周跌0.47%，供需预期向好可短多

Core Viewpoint - The Shanghai copper futures market experienced a slight decline this week, with a weekly change of -0.47% and a trading range of 1.02%, closing at 78,960 yuan per ton [1] Group 1: Economic Indicators - The Federal Reserve officials are cautious about interest rate cuts, reducing traders' bets on two rate cuts this year [1] - The U.S. August S&P Global Composite PMI preliminary value reached 55.4, marking an 8-month high [1] Group 2: Domestic Policy and Investment - A 500 billion yuan "quasi-fiscal" tool will be launched, focusing on funding emerging industries and infrastructure [1] Group 3: Supply and Demand Dynamics - Copper mine supply is being released, with the copper concentrate TC spot index recovering but still in negative territory, supporting copper prices [1] - Domestic smelter demand is expected to increase, leading to a slight growth in refined copper supply [1] - Downstream consumption remains subdued due to the off-season, but there may be pre-stocking demand as the peak season approaches, improving demand expectations [1] Group 4: Market Strategy - The overall supply of copper is expected to grow slightly, with stable demand expectations and industry inventory at a mid-low level [1] - A trading strategy of light positions and buying on dips is recommended, with an emphasis on controlling pace and risk [1]