The main force of Shanghai copper opens high and goes low The market still holds a wait-and-see attitude

Market Focus: (1) Fed Chairman Jerome Powell will speak
at the Jackson Hole Symposium on August 27.
(2) BHP Billiton Chile's Cerro Colorado copper miners' union leader said the union had called on its members to reject the company's proposal for a final contract, paving the way
for a strike at the small copper mine.
The mine produces about 1.
2%
of Chile's total copper production.

Spot analysis: SMM spot 1# electrolytic copper quotation 69180-69500 yuan / ton, the average price is 69340 yuan / ton, down 270 yuan / ton
daily.
The willingness of cargo holders to adjust prices is general, and the downstream continues to be afraid of heights, still holding a wait-and-see attitude, trading is deadlocked, and the overall transaction is weak
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 30,328 tons, a daily decrease of 1,572 tons, and a decrease of 7 consecutive days; LME copper stocks were flat
at 254,300 tonnes.

Main positions: Shanghai copper main 2109 contract top 20 long positions 78526, +707, short positions 83304, +924, net positions -4778, -217, long and short increased, net space increased
.

Market research and judgment: Federal Reserve Chairman Powell is about to speak at the annual meeting of the central bank, the market is concerned about the Fed's attitude in reducing the scale of bond purchases, cautious sentiment is heavier, and the dollar index is volatile and adjusted
.
Fundamentals, copper concentrate spot processing fees have rebounded continuously, and tight supply and demand have gradually eased, but the recent South American strike problem has continued, putting pressure
on supply.
Domestic smelters are still in the maintenance period, superimposed on the influence of power rationing factors, and the growth of refined copper production is slow; And downstream consumption showed that the off-season was not light, and inventories continued to decline
.
The performance of overseas demand is weak, and the rapid growth rate of Lunku limits the upward momentum
of copper prices.