August 30 London Copper Afternoon Review

On Wednesday, the United States reported a revised GDP growth of 4.
2% in the second quarter, a four-year high, reflecting that US economic growth has maintained strong momentum
.
In addition, following Mexico, Canada will also start trade negotiations with the United States, the market confidence in the resolution of the trade war has increased, U.
S.
stocks continue to rise to new highs, and the US dollar has retreated
slightly.
However, in the face of the US tax hike on China's 200 billion goods and the strengthening of concerns about the domestic economic downturn, the official August PMI estimate will be released this weekend, and the domestic macroeconomy is still the dominant factor
.

The base metal rebounded slightly under pressure, London copper fell back below $6,100 yesterday, as the cancellation of warehouse receipts rose to 130,000 tons in two weeks, accounting for half of existing stocks, London copper spot discount narrowed from $40 to close to $10, suggesting that there will be a shift of stocks from London to China next
.