Limited fundamental support Copper market or volatility dominant

In terms of the market, the average price of electrolytic copper in Shanghai Nonferrous Metal Network 1# was 52640, up 1190, and the spot premium was 75, and the premium range remained unchanged
.
Copper stocks in the previous session rose by 1,426 tonnes to around 60,000 tonnes, while LME copper stocks fell by 4,900 tonnes and remained low
.
In August, China's imports of unwrought copper and copper products were about 668,000 tons, down 12.
3% from the previous month; The cumulative import volume from January to August was 4.
272 million tons, an increase of 38.
1%
year-on-year.

On the macro front, European stocks closed higher in U.
S.
financial markets due to the Labor Day holiday, and the Eurozone Sentix investor confidence index in September came in at -8, the highest since
February.
International crude oil prices continued to retreat last night, and the dollar index rebounded above
93.
China's exports (in RMB) in August increased by 11.
6% year-on-year, 12.
4% expected and 10.
4% in the previous month.
Imports fell 0.
5% year-on-year, and the previous value increased by 1.
6%.

Overall, the macro environment is slightly bearish, the fundamental support is limited, today's Shanghai copper or shock dominant, Cu2010 reference range 52200-52900, wait and see or high selling low absorption mainly
.