The main force of Shanghai copper fluctuated and declined, and the overall trading of the market was quiet

Market focus: (1) General Administration of Customs of China, the total value of China's imports and exports in August was 530.
3 billion US dollars, an increase of 28.
8% year-on-year and 4.
2%
month-on-month.
Among them, exports were 294.
32 billion US dollars, an increase of 25.
6% year-on-year and 4.
1% month-on-month; Imports were US$235.
98 billion, up 33.
1% year-on-year and 4.
1%
month-on-month.
(2) China's imports of unwrought copper and copper products in August were 394017 tons, down 7% month-on-month, the fifth consecutive month of decline, down 41%
year-on-year.
(3) Copper concentrate imports in August were 1.
89 million tons, an increase of 0.
2% month-on-month and 19%
year-on-year.
(4) According to Mysteel data, the spot inventory of electrolytic copper in the Chinese market on September 6 was 126,400 tons, down 13,700 tons from the 30th and 06,100 tons
from September 2.

Spot analysis: SMM spot 1# electrolytic copper quotation 69500-69680 yuan / ton, the average price is 69590 yuan / ton, down 160 yuan / ton
daily.
Cargo holders mainly ship at high prices, and the receiving party is afraid of heights, and the downstream only maintains just need to purchase, the overall transaction is quiet, and the transaction volume has decreased
significantly compared with the previous day.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 23,128 tons, a daily decrease of 1,025 tons, and a decrease of 6 consecutive days; LME copper stocks were 250,700 tons, down 1,525 tons per day, down for six consecutive days
.

Main positions: the top 20 long positions of Shanghai copper main 2110 contract 73975, +1043, short positions 80932, -890, net positions -6957, +1933, long increase and decrease, net space reduction
.

Market research and judgment: the US non-farm payrolls data performed poorly, weakening the Fed's balance sheet reduction expectations, and the US dollar index was under pressure; China's import and export data was better than expected, easing concerns
about the downturn of China's economy.
Fundamentally, upstream copper ore imports remained high, domestic copper concentrate spot processing fees continued to rise, and raw material tension continued to ease
.
At the same time, domestic copper imports in August continued to decline month-on-month, indicating poor demand performance
.
However, the impact of domestic smelting maintenance and production reduction still exists, and the growth of refined copper production is slow; And in late August, purchasing intentions improved, domestic inventories continued to decline, and copper prices remained supportive
.