Shanghai copper rushed back down and has not completely walked out of the off-season market

On the external side, the LME market was closed on Monday for a summer bank holiday
.
This week, London copper rushed back down
.
The average price of LME copper in the first three trading days was 6651.
33 US dollars / ton, down 30.
33 US dollars / ton per day; Last week's average price was $6590/ton, up 0.
93%
month-on-month.

China's economic boom continued to recover, manufacturing activities ran smoothly, and the supply and demand cycle gradually improved
.
Europe's economic recovery from the pandemic has slowed, with service sector activity barely expanding in August
.
The ISM manufacturing index in the United States rose for three consecutive months in August, and the ISM services index fell from a 17-month high, and the road to recovery remains uncertain
.
The Fed's dovish policy shift, global monetary liquidity is expected to remain abundant, and the macro atmosphere is intertwined
.

In the market, in the week of September 4, domestic spot copper prices fluctuated to the downside
.
The average price of Yangtze River nonferrous metal network 1# copper was 51986 yuan / ton, down 56 yuan / ton per day, and down 0.
54% on the weekly line; The average price of the previous week was 51482 yuan / ton, up 504 yuan / ton compared with last week, up 0.
98%
from the previous week.

Domestic downstream consumption is still weak at this stage, and has not yet completely come out of the off-season market, putting pressure
on copper prices.
However, domestic inventories remain low, and the recovery in overseas demand has driven a continuous decline in global explicit inventories, especially LME inventories that have been at historically low levels, supporting copper prices
.