Shanghai copper main force rebounded slightly, and fundamental support is limited

Fundamental news, the average price of Shanghai Nonferrous Network 1# electrolytic copper in the last trading day was 51450, down 690, spot premium 75, premium narrowed by 10
.
Last week, London copper stocks fell by 6,900 tons to 82,450 tons, and the current stocks have fallen to a more than decade low, which has a certain impact on copper prices; Copper stocks in the previous period increased by 6,787 tonnes
last week.
The operating rate of refined copper rod enterprises in August was 72.
66%, down 3.
5% month-on-month and 2.
79% year-on-year, and it is expected that the operating rate of refined copper rod enterprises in September will further decline, beware of the copper market peak season is not strong
.

At the macro level, the US added 1.
371 million non-farm payrolls in August, better than expected; the unemployment rate was 8.
4%, also better than the expected 9.
8%, and the authenticity of the unemployment rate data is doubtful
.
After the data was released, the dollar index rushed higher and then fell, the manufacturing data released earlier also performed better, and the short-term dollar index showed signs of a slight rebound, which was not conducive to the continued rise of copper prices
.
In addition, the heavy decline in U.
S.
technology stocks and the sharp decline in crude oil prices in the second half of last week also suppressed
market optimism.

Overall, the macro is dragged down and the fundamental support is limited, the intraday Shanghai copper or strong shock, Cu2010 reference range 51900-53000, should not chase up
.