August 4 Copper Market Brief Review

Today's Shanghai copper opened volatile, and the main 2009 contract of Shanghai copper closed at 51540 as of the day, up 480, or 0.
94%.

Shanghai copper rose overnight, and the intraday gains converged, returning to the previous support around
51,000.

The closure of consulates between China and the United States has continued to ferment, Sino-US tensions have further deteriorated, reaching the freezing point since the outbreak of the new crown, and the market's concerns about the future trade situation between the two countries have intensified; And domestic downstream demand has weakened, there is fear of heights downstream, and the pressure on copper prices has increased
.
However, macro policies remain accommodative and the economy is gradually recovering, and the dollar index continues to come under pressure; In addition, the supply disturbance of copper mines in South America is still continuing, the shortage of raw materials and the weak price of sulfuric acid still have an impact on the smelting end, and the inventory of both markets has declined recently, and the support for copper prices remains
.

In the short term, the market trend still maintains the previous view, the traditional demand off-season under the situation of Shanghai copper high volatility pattern intensified, the capital into the market is dominated by macro sentiment, the disk around 5.
1-52,000 around the shock mainly, the fundamental copper consumption side gradually recovered, pay attention to the gold nine silver ten above the pressure level around
54,000.
Shanghai copper night trading may stabilize a slight rebound, still pay attention to the range of volatility, the operation to maintain the original view unchanged, upstream just need a short period of stocking, downstream fast forward and fast out, less position bullish
.