Copper prices adjust high and wide The market waits for consumption to actually improve

Global low inventories, coupled with strong expectations of the domestic peak season, the fundamentals boosted copper prices soared last Friday night, near the previous high of 53,000; but from Monday's spot market, consumption at the beginning of the month did not improve significantly, downstream fear of heights led to few transactions, rising water adjustment, breakthrough market is difficult to sustain, copper prices once again fell into the adjustment situation after soaring; the follow-up is affected by changes in risk appetite, the recent Brexit trade negotiations are divergent, the euro and the pound have weakened, superimposed on the previous bright economic data boosted, As the dollar gained a breather, the US index regained the 93 mark, while US stocks fell across the board; In addition, the U.
S.
EIA crude oil inventory data unexpectedly rebounded on Thursday, and oil prices pulled back for the second consecutive week, which had a linkage effect on commodities, and copper prices extended their losses in the evening
.
It is worth noting that the resumption of the epidemic in Europe may heat up risk aversion next week, while the domestic peak season is difficult to provide a sharp rebound momentum, and the market is waiting for further guidance
on the actual improvement of consumption.

In the market, spot copper rose 30 yuan last week, and good copper premium basically held steady around
120 yuan.
Monday, affected by the rise in the market, the spot market fear of falling sentiment is heavier, downstream consumption has not improved significantly, holders are limited, wait until Thursday, Friday, due to the proximity of the delivery period, the market performance supply and demand are weak, inquiry, trading atmosphere cooled
.
In terms of import profit and loss, the US dollar index rebounded from a low level, but the offshore yuan remained at the high level of the year, copper prices continued to be strong outside and weak inside, and the import profit window continued to close this week, and the gap widened to around
700 yuan / ton.

Copper prices rose first and then subsided last week, and after jumping on Monday, they converged all gains
.
Basically, LME copper stocks are as low as in recent years, domestic copper imports continued to grow in August, and confidence in the domestic industry after the epidemic supported copper prices
.
However, in the follow-up, the domestic Shanghai copper inventory industrial season under the emergence of a warehouse pattern, the actual consumer side has not shown much improvement, market power and confidence transferred to the power grid and other copper terminals, still for the expected end to drive the main price, Shanghai copper high volatility range and single-day rise and fall may continue to expand, it is expected that Shanghai copper high volatility is dominant, or there is a rise and then a depression
.