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The dollar rebounded on Friday, with renewed tensions between China and the United States and a rebound in the dollar helping base metals
fall.
London copper fell to $6,240, Shanghai copper fell to 49,700 yuan on Friday night, technically 50,000 is the edge of the oscillating platform in the past two years, the price has risen sharply to this point, repeated shock digestion pressure is reasonable
.
Since mid-July, copper price speculation strikes, South American production cuts and other themes have failed, and prices have been corrected
.
But the fundamentals of strong demand in China remain unchanged
.
On Friday, it reported that imports of copper and copper products reached a new high of 786,000 tons in July, compared with 3.
6 million tons in the previous July, an increase of 1 million tons
from the same period last year.
Higher-than-expected imports may be due to the fact that the import window is still open in June, and a large number of imports are still available, partly due to shipping delays
, which are concentrated in July.
Since the import loss has remained at 200-300 yuan since early July, it is estimated that imports will decrease
in August.
LME stocks continued to decline below 120,000 tonnes last week, compared with an increase of 13,000 tonnes in the previous period to a total of 170,000 tonnes
.
Since entering August, the total inventory has stopped falling and began to recover, but the current total inventory is still at an extremely low level, the spot remains premium, and the structural tension of refined copper remains unchanged
.
In terms of consumption, the off-season effect deepened in August, but monthly data showed that the economy was in the off-season, and G7 demand was recovering, and demand gradually recovered in the peak season after September, and copper prices had very limited room to fall
.
In the short term, pay attention to the technical support of 50,000 areas, and whether the spot premium structure is significantly enhanced
.
It is recommended to buy the dip moderately, and the long-term idea remains unchanged
in the medium line.
