Brief review of Shanghai copper on September 4

U.
S.
stocks plunged, causing copper prices to fall below 51,000 overnight, and stabilized and rebounded
within the day.
The data shows that South American minerals are gradually recovering, domestic spot market consumption has not seen a significant improvement, the early kinetic energy factors have weakened, coupled with the recent international tensions in China and India and China and the United States, caution has heated up; Given that domestic consumption is still expected to be good, the recovery of manufacturing PMI and economic recovery support copper prices in the medium term
.
It is expected that next week's high will be strong, whether the overnight copper test can stand firm at $6650, the upstream and downstream of the operation will choose low stocking, and the merchants will wait and see, fast forward and fast out
.

In the face of a sharp decline in futures copper, recycled copper holders have been reluctant to sell under the shortage of supply, which has a certain anti-fall support for recycled copper prices, and the decline is relatively less than that of electrolytic copper
.
At the same time, some merchants took advantage of the copper price pullback to enter the market to replenish stocks at a low level, which also limited the decline in
recycled copper prices.
At present, the fundamentals of the copper market are still optimistic, the copper stocks of the three major exchanges have declined, and the London copper inventory has continued to decline to 84,650 tons, refreshing the low level of inventory for more than ten years, and the copper price is expected to fluctuate strongly in
September.