August 4 copper market morning review

Copper market morning comment: overnight London copper bottomed out to close Zhongyang, recovering Friday's losses, opening slightly higher at $6490 today
.
Shanghai copper opened higher and rose to close in Zhongyang overnight, closing at 51740
.
Shanghai copper trading positions are down, the short-term market is biased to wait and see, after yesterday's sharp rise Shanghai copper returned to the previous shock range, short-term may continue the above 51000 volatility market
.
The future market is wary of the epidemic in the United States and there is great uncertainty
in policies.
Shanghai copper upper pressure 53520, lower support 48000
.

Macro-level, the US July PMI was higher than expected, the United States is discussing the introduction of new stimulus policies, China's economy is optimistic, and there is still support
on the macro side.
The dollar rebounded after a sharp drop as markets focused on Friday's U.
S.
jobs data
.
In the copper market, LME stocks fell to around 120,000 tons, and low stocks remained market support
.

On the supply side, Chilean supply resumed, Brazil's new mine was put into operation, mine supply is expected to gradually loosen, refined copper imports have increased sharply, domestic refined copper production has also increased year-on-year, the substitution effect of scrap copper supply is becoming more obvious, but the demand side has not kept up with the pace of supply, and copper prices are expected to fluctuate
downward.