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Copper market morning comment: London copper fell sharply yesterday, and the main contract of Shanghai copper closed lower
overnight.
There is pressure on the macro, copper prices are supported by low domestic inventories, and cautious participation
is mainly based on risk aversion during the double holiday period.
In terms of consumption, yesterday as the last trading day of the 09 contract, the spread between the 10 contract fluctuated sharply during the day, and the overall market trading was relatively flat, but with the arrival of the long holiday, there was a demand for replenishment downstream, and the discount of Shanghai copper and South China copper rose up
.
In terms of inventory, the LME continued to destock, and SHFE accumulated slightly
.
In terms of imports, driven by the improvement of domestic and foreign prices, the activity of import transactions has increased
.
Overall, the domestic economic data in August continued to cool, and the downstream stockpiling before the holiday supported consumption, and unilaterally maintained a wide range of volatility and there was a judgment
of downside risks.
