Shanghai copper continued to maintain a weak trend of volatility in the short term

Market focus: (1) The U.
S.
Department of Commerce announced on Tuesday that overall retail sales fell 1.
1% last month, after the previous month's data was revised upwards to an increase of 0.
7%.

Economists surveyed by Bloomberg estimated a median decline of 0.
3 percent
.
Retail sales excluding automobiles decreased by 0.
4 percent
.
(2) According to market rumors, copper storage was suspended this month; Subsequent dumping projects will be determined
separately according to the situation.
(3) Minmetals Peru's Las Bambas copper mine was blocked by residents again on Tuesday, August 17, local time, community representative Walter Molina said that the blockade again was because people did not see the government's commitment to solve the conflict between mining companies and local residents within two months, and Minmetals did not attend a scheduled meeting
last week.

Spot analysis: SMM spot 1# electrolytic copper quotation 691000-69300 yuan / ton, the average price is 69200 yuan / ton, down 820 yuan / ton
daily.
Holders want to cash at the high, there is still confidence in the price, the overall downstream buying is not prosperous, but near the end of the month, the downstream stocking demand increases, and the overall transaction is better
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts during the day was 38,476 tons, a daily decrease of 25 tons; LME copper stocks were 245125 tonnes, up 8,800 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2109 contract 71338, +1216, short positions 77702, +237, net short positions 6364, -1399, long short increase, net short reduction
.

Market research: U.
S.
retail sales in July unexpectedly contracted by 1.
1% in July, and core retail sales fell 0.
4% from the previous month, and the data did not hit the dollar, but launched a risk-off mode to continue to dominate Tuesday's trading activity
.
Fundamentally, the tight supply and demand of copper concentrate continued to ease, and the spot processing fee of copper concentrate continued to rebound
.
Downstream consumption shows that the off-season is not light, social stocks are slightly destocked, demand resilience is strong, and copper stocks still have room
for dematerialization.
On the whole, the recent trend of copper prices is relatively weak, mainly due to macro caution, fundamental support is temporarily limited, short-term copper prices may continue to maintain a weak trend
.