Shanghai copper afternoon review on August 1

Last night's sharp decline in internal and external trading was mainly due to the market's cautious attitude towards Sino-US trade, coupled with the high US dollar, copper prices were under pressure
.
After the evening close, as the Fed announced a 25 basis point interest rate cut, the dollar rose straight up to the 98.
7 mark
.
At present, the market's sentiment for the Fed's interest rate cut has been digested in advance, the US dollar has maintained a high level to suppress metal prices, while trade tensions have not improved, coupled with the current situation of the global economic slowdown, the downward trend of copper prices is obvious
.
In addition, copper terminal consumption is still weak, with the increase in supply, there is accumulation pressure, it is difficult to provide support
for copper prices.
At present, Shanghai copper closed negative, lost all moving average support below, and has fallen below the Bollinger mid-band, MACD indicator from red bar to green column, technical loss of support
for copper.

Spot entered the beginning of the month today, the financial pressure of enterprises has eased, and the performance of the market has fallen sharply, it is expected that low prices will attract market buying sentiment, coupled with the recent holding of the stock due to the lack of supply to maintain a strong price trend, today's quotation is still high
.
It is expected that today's Shanghai copper will be 46200-46700 yuan / ton, and the spot premium will be 30-90 yuan / ton
.