Market bearish digestion drove copper prices to pick up

On the macro front, crude oil bottomed out and rebounded strongly, while the dollar retreated to a new high, and the market risk appetite sentiment improved significantly compared with last week, although the National Material Preparation and Adjustment Center said on Friday that it would dump the third batch of copper 30,000 tons on September 1, but because the amount did not exceed expectations, the actual bearish effect was not shown; The market is waiting for Fed Chairman Jerome Powell's remarks on the follow-up monetary policy guidance at the annual meeting of global central banks on Friday evening, and there are many hawkish news recently, but due to July economic data and epidemic factors, there is still suspense
about the timing of the downsizing QE.

In terms of the market, spot copper rose by 1850 yuan last week, and the good copper premium was basically stable around
210 yuan.
Downstream buying has decreased since last Friday, although the market has continued to rise, but merchants maintain their willingness to hold prices, and due to the recent narrow price spread of refined waste, some refined copper has replaced copper scrap strengthened, stimulating some consumption
.
In terms of import profit and loss, the US dollar retreated to a new high, the window closed again, and the gap was around
100 yuan / ton on Friday.

Shanghai copper showed a restorative rebound last week, retracting some of last week's losses, and weekly spot copper rose about
1800 yuan.
The impact of the Fed's tightening of expected policies on the market dissipated, and the market waited for the global central bank meeting on Friday evening, the Fed's view on the follow-up economy, the news was calmer, and the Shanghai copper technical rebound was dominant
.
It is worth noting that the downward pressure on the domestic economy in the second half of the year is greater, and industrial data such as exports and new orders are less than expected, which may have a certain impact on the traditional start season in September and October, and there may be a certain downward revision
on the high point of the Shanghai copper price rebound estimated in the previous period.
At present, Shanghai copper has little impact on the consumer side, and it is greatly affected by the surrounding markets such as the US index, and it is expected that the Shanghai copper range will fluctuate mainly
next week.