The dollar index rebounded sharply, and Shanghai copper opened higher and retreated

Market Focus: (1) The minutes show that the Fed believes that the implementation of yield control policies will bring only small benefits, and expects the economic recovery to weaken
in the second half of the year.
(2) China's Ministry of Commerce said that the two sides have agreed to hold a call
in the near future.
(3) Peru SNMPE announced that from January to June 2020, Peru's copper exports totaled $4,911 million, down 26.
3%
from the same period in 2019.

Spot analysis: On August 20, spot 1# electrolytic copper was quoted at 52100-52290 yuan / ton, with an average price of 52195 yuan / ton, down 90 yuan / ton
per day.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 58,738 tons last Thursday, a daily decrease of 25 tons; On August 19, LME copper stocks were 106225 tonnes, down 1,300 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2010 contracts were 79551 lots, an increase of 6770 lots per day, 72773 short positions, a daily increase of 8514 lots, a net long position of 6778 lots, a daily decrease of 1744 lots, an increase of long and short, and a net long decrease
.

Market research and judgment: Shanghai copper 2010 opened high and fell
on August 20.
China's Ministry of Commerce said that China and the United States will hold a phone call in the near future, and the recent release of funds by the People's Bank of China beyond expectations has also boosted market confidence; At the same time, the current domestic copper mine procurement demand is high, and the supply of raw materials remains tight; As well as overseas economic recovery, London copper inventories have deteriorated sharply, strengthening copper price support
.
However, the minutes of the Fed meeting were less dovish than market expectations, and the dollar index rebounded sharply; In addition, the current market is in the off-season, downstream demand performance is weak, and Shanghai copper inventories have accumulated recently, and there is still resistance
above copper prices.
Technically, the mainstream short positions of the Shanghai copper 2010 contract increased significantly, and the daily MACD gold cross signs are expected to adjust short-term
shocks.