Shanghai copper maintained high operation, and the increase narrowed slightly

On the external front, China and the United States agreed to high-level trade talks, and tensions showed signs of easing, and London copper continued to rise to a more than half-month high overnight
.
During the Asian session, London copper weak operation, Beijing time at 15:08, the latest quotation of 5820 US dollars / ton, down 20 US dollars, down 0.
34%.

In the market, the price of domestic spot copper rose, and the copper price of Yangtze River nonferrous metal network 1# was reported at 47590 yuan / ton, up 450 yuan, and the premium was 100-160; Guangdong spot 1# copper price was 47540 yuan / ton, up 450 yuan; Yangtze River spot 1# copper price 47620 yuan / ton, up 450 yuan, premium 140-liter 180; Shanghai spot 1# copper price was 47550 yuan / ton, up 400 yuan
.
The sharp rise in spot market prices inhibits downstream buying, and the market transaction activity decreases
.

According to data from the China Federation of Logistics and Purchasing, the global manufacturing PMI in August was 49.
3%, down 0.
4 percentage points from the previous month, and it was below the boom and bust line for two consecutive months, which means that the downward pressure on the global economy has further increased, and the recent copper price rally may be difficult to continue
.

Data show that LME copper stocks have declined for four consecutive trading days, with a cumulative decline of 5.
63%, and domestic copper stocks in the previous period have begun to fall since mid-August; Downstream demand is expected to improve in September, and it is expected that the subsequent grid construction will accelerate, while there is not much
room for automobile demand to decline.
Recent macro positives have followed, and spot copper prices are expected to rise
.