Shanghai copper rushed back down and lacked rebound momentum

During the Asian session, London copper rushed back down, and the latest quotation at 15:01 Beijing time was 6653 US dollars / ton, down 34.
5 US dollars, or 0.
52%.

In terms of the market, today's domestic spot copper prices rose, Yangtze River nonferrous metal network 1# copper price was reported at 52140 yuan / ton, up 220 yuan, premium 80-liter 140; Guangdong spot 1# copper price was 52020 yuan / ton, up 190 yuan; Yangtze River spot 1# copper price 52180 yuan / ton, up 210 yuan, premium 120-liter 160; Shanghai spot 1# copper price was 52140 yuan / ton, up 215 yuan
.

In the spot market, the willingness of holders to adjust prices is not high, traders receive goods at low prices, downstream consumption maintains rigid demand, and the overall transaction is average
.
BHP's Escondida copper mine, the world's largest copper mine, rose 3.
8% in July as Peruvian copper production recovered from a sluggish first half of the year and pressured supply-side, although the peak season is approaching, domestic demand is likely to increase month-on-month, and short-term copper prices remain volatile
.

The US dollar index has counterattacked from a two-year low, standing at the 93 mark within the day, putting pressure on non-ferrous metals, while oil prices have also declined, commodity confidence has weakened, copper prices lack intraday rebound momentum, and London copper support has moved downward; Entering September, there are good expectations for domestic consumption, LME inventories fell below 90,000 tons, and fundamentals support medium-term copper prices; India announced the ban on 118 Chinese APP, while Sino-US diplomatic contradictions escalated, the superimposed US dollar prompted copper prices to come under pressure, short-term still weak adjustment, Shanghai copper below the support of 5.
1-51,500, the operation upstream and downstream to stabilize can be less replenished, cargo merchants wait and see, fast forward and fast out unchanged
.