Brief review of Shanghai copper on August 25

On the supply side, TC continued to rise, the risk of Escondida strike was lifted, refined copper production grew rapidly, and copper dumping continued
.
On the demand side, domestic inventories decreased slightly, and the premium was high; Import profits, bonded premium rebounded at a low level; Refined waste spreads continue to narrow
.
Overseas inventories have increased, and the recovery momentum in Europe and the United States has slowed down
under the influence of the epidemic.

macro aspect, The United States through the 3.
5 trillion infrastructure budget blueprint, the market gradually from the impact of the Fed's interest rate decision, the US index to maintain a low shock pattern, the current copper market is mainly based on a repair rebound, the domestic economic growth pressure in the second half of the year still exists, in the combination of industrial production and multiple indicators, the weak situation brings uncertainty to the traditional industrial peak season in September, combined with the previous view of the rapid rise above 68,000 and the pressure level of 70,000, pay attention to whether the copper market in the night market continues to explore the behavior, pay attention to the 6.
9-70,000 first-line breakthrough or range finishing
。 The operation loader ships appropriately, and a small amount of inventory is bullish
.
In terms of downstream stocking, combined with the early operation guidance, wait and see
.