Base metals rebound across the board Shanghai copper has insufficient upward momentum

In terms of spot, on August 24, Shanghai electrolytic copper spot reported a premium of 60 yuan / ton - 120 yuan / ton for the monthly contract, and the transaction price of flat water copper was 48380-48440 yuan / ton
.
The monthly ticket quotation of the morning market holder was 90-130 yuan / ton, but due to the lack of response, it took the initiative to reduce it in a blink of an eye, but the market buying interest was low, and the price of good copper could be pressed to 100 yuan / ton
.
In the second section of trading, there is still room for price pressure in the quotation of flat water copper next month's ticket, good copper maintains a premium of around 100 yuan, and wet copper has heard a small amount of discount of 10 yuan / ton quotation
.
Recently, the concentration of imported copper has returned to a loose trend, and the market has also performed accordingly, the contract price of the month has declined, and the price difference between contracts has been reopened in recent days, gradually showing a pattern of near weakness and far strong, re-attracting some traders to enter the market to receive goods at a low price
.

On the news, the Asian dollar index fell under pressure and is now trading around 95.
51 as there has been no significant progress
in Sino-US trade negotiations.
At the same time, the August Fed minutes released hawkish comments, the September Fed rate hike is still a certainty, and the short-term market is watching Fed Chairman Jerome Powell's speech
at the Jackson Hole Central Bank Annual Meeting.
In terms of industry, China's customs data showed that China's copper scrap imports in July were 210,000 tons, down 26.
8% year-on-year and up 10,000 tons
month-on-month.
The cumulative import volume of copper scrap from January to July this year was 1.
6 million tons, down 540,000 tons or 25.
2%
year-on-year.

Overall, copper oscillations rebounded, but the increase was not as high as other base metals, indicating that its intrinsic upward momentum is insufficient, while the short-term copper market technical pattern is bearish, and the downward trend continues
.
Operationally, it is recommended that the Shanghai copper 1810 contract can be backed by 49,000 yuan below the sky, and the entry reference is around 48,700 yuan, and the target is 47,800 yuan / ton
.