Macro bearish superimposed on weak fundamentals Copper maintained a volatile downward trend

In terms of the external market, Apanlon copper opened at 5842 US dollars / ton, after the opening around the daily moving average narrow range, as the market has digested the positive news from last night's trade, the bears entered the market at a high actively, copper prices from 5844.
5 US dollars / ton all the way down, the center of gravity fell to around 5809 US dollars / ton at noon, above the pressure of the daily moving average, the Asian session copper price tried to break through the obstacles of the recent daily moving average, but failed, the European market continued to probe
.
As of 17:00, London copper was reported at $5787.
5 / ton, down 0.
98%.

In terms of the market, China and the United States once again negotiated to release a favorable release, market confidence was boosted, overnight Shanghai copper prices rebounded to 46,700 yuan / ton line, intraday Shanghai copper back to 46,600 yuan / ton around the oscillation
.
The holder quoted a premium of 30 ~ 60 yuan / ton in the morning, and the price difference widened to around 90 yuan / ton in the next month, the performance of the premium was relatively stable, flat water copper struggled around the premium of 30 ~ 40 yuan / ton, the holder was unwilling to lower the quotation, but the transaction of good copper was difficult, only maintained at the first line of 50 ~ 60 yuan / ton; Wet copper continued the previous day's quotation premium of about
10 yuan / ton.
The performance of spot quotations remains stable, good copper transactions are limited, flat water copper prices are strong, the price difference narrows significantly, the price difference between varieties is only 10~20 yuan / ton range, and the market quotation will guide the market according to the
changes in delivery factors and basis.
In the afternoon, due to the widening of the futures price spread, it was about to be delivered, which pushed the market quotation higher, but the high price suppressed the market trading heat
.

Shanghai copper fell back intraday, opened low and fluctuated overnight, and the main contract closed at 46490
.
Last night, the world's major economies soared government bonds, in the context of the continuation of the inversion of short-term and long-term interest rates in the United States, the United Kingdom also joined the inversion sequence, the global stock market fell sharply, gold rose again, the market risk aversion was strong, Comex copper and London copper fell more than 1%, Shanghai copper also fell
again.
Copper fundamentals remain weak in the short term, although mine prices are still high, but the domestic electrolytic copper plan production in August is high, social stocks continue to accumulate trend, downstream consumption is weak
.
Under the background of macro bearish superimposed on weak fundamentals, copper prices are expected to show a pattern of shock correction in the short term
.
Long-term fundamentals are still expected to improve, copper prices have room to rebound at the end of the third quarter or fourth quarter, and long-term bulls recommend seizing the opportunity
to enter around 46,000.