The main force of Shanghai copper opened high and fluctuated, and the market stalemate and tug-of-war pattern continued

Market Focus: U.
S.
President Donald Trump again slammed the Federal Reserve on Tuesday, saying it liked to see manufacturers struggling with exports and saying the Fed had misjudged the situation for too long
.
Local leaders in Tumilaca, Peru, will inform local residents about Anglo American's Quellaveco copper project, which will identify or eliminate water pollution
from the event.
Local residents said they would resume protests
if they did not address their concerns.
The Quellaveco copper mine project produces 300,000 tonnes of copper
per year.

Spot analysis: On August 28, spot 1# electrolytic copper was quoted at 46550-46630 yuan / ton, with an average price of 46590 yuan / ton, up 140 yuan / ton
from the previous trading day.
The stalemate in the spot market continued further, and the invoice morning market next month continued to maintain the quotation premium of 60-80 yuan / ton, the transaction showed a stalemate, traders intended to receive goods at a low price, and only a few holders slightly lowered their quotations
.
Immediately entering September, the market has expectations for next month's consumption improvement, the current copper inventory increment is limited, the financial pressure is not obvious, so that the spot quotation remains stable
.
However, market consumption is weak, and it is difficult to increase the activity of the trade market at the end of the month, making it difficult to break
the continued stalemate in spot prices during the week.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 68,412 tons on Wednesday, a daily increase of 298 tons; On 27 August, LME copper stocks stood at 333975 tonnes, up 2,050 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract were 65101 lots, minus 2386 lots per day, 83485 short positions were held daily, 5278 lots were minus 5278 lots, net short positions were 18384 lots, daily minus 2892 lots, long and short were reduced, and net space was reduced
.

On August 28, the main force of Shanghai copper 1910 opened high.

China and the United States may restart negotiations to ease some of the market's worries, coupled with upstream copper processing fees TC continue to fall, more copper prices, but Sino-US trade differences still exist, China does not succumb to the pressure of the United States, the prospects for trade negotiations are still uncertain, coupled with the increase in midstream cathode copper inventories, downstream demand performance is not good, putting copper prices under pressure
.
In terms of spot, the stalemate in the spot market continued further, with transactions showing a stalemate, traders intending to receive goods at low prices, and only a few holders slightly lowered their quotations
.
Technically, the Shanghai copper main 1910 contract focuses on the pressure above the 47000 position, and the short-term shock is expected to be weak
.