September 5 London Morning Review

Industry: As of the week of August 30 this year, the speculative long position of the US copper CFTC decreased by 928, the short position increased by 14279 lots, and the net position of speculation was 21873 lots, and the net space increased by 15207 lots from the previous week, which was the fourth consecutive week of short positions, indicating that short-term speculative funds have further climbed their bearish enthusiasm for copper prices
.

On the macro front: US nonfarm payrolls rose by only 151,000 in August, well below expectations
, according to data released by the Labor Department on Friday.
Despite the disappointing August jobs data from the United States, the dollar rose as investors believed that the Fed could still raise interest rates
in the coming months.
Rising supplies have also weighed on copper prices, with London Metal Exchange (LME) registered copper inventories soaring 170%
since June 1.

London copper futures were little changed on Friday as investors digested lower-than-expected U.
S.
job growth data, but lead futures, zinc futures and tin futures hit multi-month highs as tightening supplies, environmental constraints and strong manufacturing data
from China reported.
At 16:00 London time on September 2 (00:00 Beijing time on September 3), three-month copper closed down 0.
04% at $4,628 a tonne, stabilizing after falling to a nine-week low on Tuesday, with copper up 0.
2%
for the cycle.