Shanghai copper fluctuated slightly during the day, and the internal upward momentum was insufficient

In terms of spot, on August 28, Shanghai electrolytic copper spot reported a premium of 30 yuan / ton - 90 yuan / ton for the monthly contract, and the transaction price of flat water copper was 48520 yuan / ton - 48640 yuan / ton
.
When the copper plate in the morning is high and has not yet declined, the price of the holder is 30-60 yuan / ton, with the decline of the plate, the buying interest is improved, the transaction activity has improved, the active buying is mostly traders, after the low-priced source of goods is received, the holder raised the quotation to 40-90 yuan / ton, but the transaction heat cooled down, and the downstream performance stopped
.
The pattern of external strength and internal weakness has led to a decline in the ratio this week, and the short-term import of copper will decline somewhat, and the proportion of good copper is low, so it has attracted some traders to take the initiative to receive goods at low prices, and pay attention to the change range of spot premium guidance guided by recent ratio changes
.

In terms of news, the Asian market dollar index rushed back down, now trading around 94.
7, as the United States and Mexico reached a trade agreement, which cooled the risk aversion of funds against the dollar, and the center of gravity of colored colors has moved up, but the frequent occurrence of black swan events in recent days requires beware of the resonance
of risk assets caused by this.
It is necessary to focus on the revised US GDP for the second quarter, which may have a certain impact
on the dollar in the short term if it exceeds expectations.
In addition, the central exchange rate of the renminbi against the US dollar was 6.
8052, up 456 basis points from yesterday, and it rose
for the second consecutive day.

In terms of industry, Chile, the world's largest copper producer, negotiated about three-quarters of the country's copper production this year, and most of the 32 contracts that expired this year have been renewed, including BHP's Escondida copper mine, the world's largest copper mine; Chile is expected to produce 5.
76 million tonnes of copper this year, up 4.
7%
from 2017.
At present, the risk of supply disruption on the labor side has decreased, and the market may pay more attention to changes in the demand side, and copper prices may maintain a volatile trend
in the short term.

Overall, intraday copper oscillations fell slightly, performing less than other base metals, indicating that its intrinsic upward momentum is insufficient, as the market remains concerned
about the Sino-US trade war.
However, a weaker dollar in the short term is good for a rebound
in copper prices.
Operationally, it is recommended that the Shanghai copper 1810 contract can be backed by 48300 yuan / ton above the dip, the entry reference is 48500 yuan / ton, and the target is 49200 yuan / ton
.