August 31 Copper Market Morning Review

On the macro front, Powell's speech was dovish, and the dollar index retreated; Domestic economic data released weaker than expected, policy intervention is expected to strengthen marginally; The epidemic eased and market sentiment improved
.
On the supply side, TC continued to recover, refined copper production grew rapidly, and copper storage continued but was lower than expected
.
On the demand side, domestic inventories decreased slightly, and the premium was high; Import profits, bonded premium rebounded at a low level; The fine waste spread is low
.
Overseas inventories have increased, and the recovery momentum in Europe and the United States has slowed down
under the influence of the epidemic.

On the last trading day of August, the market obviously did not have the price atmosphere tried yesterday, and the factors at the end of the month forced some holders to exchange cash, plus the difference between the next month in today's trading from about 100 yuan / ton to 150-160 yuan / ton, which prompted the holders to increase their efforts to dump goods, plus there have been a lot of imported copper in the past weekend, the supply of imported copper in the future market will not be in short supply, especially tomorrow on September 1 to have the third round of storage, the market is not short of stock, downstream can choose the source of goods is larger, The pressure of the cargo holder is greater, the plate is also under pressure around 70,000 yuan, and the spot premium has resistance up and down after entering September, and the premium may still have a bow
.