Market sentiment is pessimistic, and the main force of Shanghai copper is mainly volatile

In the last trading day, the average price of Shanghai Nonferrous Metal Network 1# electrolytic copper was 52525, down 115, spot premium 85, premium expanded by 10
.
Copper stocks in the previous session increased by 2,197 tonnes to 62,200 tonnes, while LME copper stocks fell by 1,000 tonnes to 76,500 tonnes, remaining low
.
SMM China's electrolytic copper output in August was 810,500 tons, an increase of 8.
14% month-on-month and 5.
58% year-on-year; The cumulative output from January to August was 5.
9944 million tons, an increase of 3.
39%
year-on-year.

On the macro front, U.
S.
stocks plunged again, falling for three consecutive days, and European stocks closed lower
across the board.
International crude oil prices have plummeted, there is a lack of bright spots on both sides of supply and demand, and there are signs
of loosening on the supply side.
The dollar index continued to rise, dragged down by oil prices, commodities were under pressure as a whole, and market sentiment was pessimistic
.
Eurozone GDP for the second quarter ended at -14.
7% y/y vs -15%
in the previous month.
According to the association, China's retail sales of generalized passenger cars in August were 1.
73 million units, up 8.
8%
year-on-year.

Overall, the nervousness caused by the collapse of U.
S.
stocks and crude oil dragged down copper prices, but the adjustment range may be limited, Shanghai copper or volatility-based, Cu2010 reference range 51500-52300, volatility should be seen or short-term trading
.