August 1 London Morning Review

In terms of news, according to two people familiar with the matter, the United States and China are trying to restart negotiations aimed at avoiding a full-scale outbreak of a trade war between the world's two largest economies
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China's manufacturing PMI fell slightly yesterday, but it was basically in line with expectations, the market reaction was small, and the overnight US price and consumption data were in line with expectations
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Overnight, Bloomberg broke that China and the United States may open negotiations again, market optimism showed slightly, and non-ferrous metals mostly rebounded
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Note that the results of the Fed's August meeting will be released in the early hours of Thursday morning, and if the Fed speaks weaker, it may lead to a sharp decline in the dollar
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Overall, the current spot market is still based on destocking, the main logic of the current short-term has not changed, copper demand field is expected to decline seasonally, but the overall is not too bad, before China's new smelting capacity reaches production, copper spot market to maintain preference expectations, coupled with copper mine strike and other supply interference, the overall copper price still maintains a rebound pattern
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