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August 1 London Morning Review

 Last Update: 2022-12-11
 Source: Internet
 Author: User

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Overnight, London copper opened at 6242 US dollars / ton, Europe and the United States once as low as 6192 US dollars / ton, the news of possible renegotiation between China and the United States attracted bulls to enter the market, copper prices rebounded to 6341 US dollars / ton, the end of the day closed at 6322 US dollars / ton, the transaction increased 2444 to 16467, the position increased 372 to 308,000 lots
.

London copper

In terms of news, according to two people familiar with the matter, the United States and China are trying to restart negotiations aimed at avoiding a full-scale outbreak of a trade war between the world's two largest economies
.
China's manufacturing PMI fell slightly yesterday, but it was basically in line with expectations, the market reaction was small, and the overnight US price and consumption data were in line with expectations
.
Overnight, Bloomberg broke that China and the United States may open negotiations again, market optimism showed slightly, and non-ferrous metals mostly rebounded
.
Note that the results of the Fed's August meeting will be released in the early hours of Thursday morning, and if the Fed speaks weaker, it may lead to a sharp decline in the dollar
.

Overall, the current spot market is still based on destocking, the main logic of the current short-term has not changed, copper demand field is expected to decline seasonally, but the overall is not too bad, before China's new smelting capacity reaches production, copper spot market to maintain preference expectations, coupled with copper mine strike and other supply interference, the overall copper price still maintains a rebound pattern
.

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