Market concerns about demand remain There is room for downward adjustment in copper prices

On Monday (August 29) the UK coincides with the summer bank holiday, the London Metal Exchange (LME) is closed, and trading will resume
on Tuesday (August 30).

In terms of the market, today's domestic spot copper prices fell, Yangtze River spot 1# copper 63940 yuan / ton, down 570 yuan, premium 610-liter 650; The Yangtze River Comprehensive 1# copper price was reported at 64,000 yuan / ton, down 650 yuan, and the premium was 630-750; Guangdong spot 1# copper price was reported at 64060 yuan / ton, down 720 yuan, premium 650-liter 850; Shanghai spot 1# copper price was 63760 yuan / ton, down 600 yuan
.

In the spot market, the shipment of cargo holders is more active, the downstream replenishment demand is released in small quantities, the trading activity is acceptable, and the overall transaction performance has improved
slightly.
The US index benefited from Powell's hawkish tone and once rushed upward, while domestic power cuts eased, smelter production improved, and weak real estate continued to drag down copper consumption, so Shanghai copper was under weak pressure
.

At present, the biggest negative in the copper market still comes from the Fed's interest rate hike, and the market is worried about demand, risk aversion is still fermenting, and there is still room for downward adjustment in prices
.
However, the current supply problem in terms of fundamentals may be larger, the fundamentals are still very strong, the September squeeze is expected to be very strong, the overall decline is limited, and it is still in a state
of easy to rise and fall.