Shanghai copper runs strongly, and downstream procurement is generally flat

During the Asian session, the London copper shock was weak, and the latest quotation at 15:01 Beijing time was 6783 US dollars / ton, down 9 US dollars, or 0.
13%.

In terms of the market, today's domestic spot copper prices fell slightly, Yangtze River non-ferrous metal network 1# copper price was reported at 52550 yuan / ton, down 80 yuan, premium 70-liter 130; Guangdong spot 1# copper price was reported at 52460 yuan / ton, down 80 yuan; Yangtze River spot 1# copper price 52600 yuan / ton, down 90 yuan, premium 130-liter 150; Shanghai spot 1# copper price was 52525 yuan / ton, down 115 yuan
.

In the spot market, the willingness to hold up prices is strong, traders' willingness to trade is suppressed, and the downstream is cautious and wait-and-see, and it is just necessary to purchase
.
The speculation on the supply side has cooled down, the fundamental support is insufficient, it will take time for supply to recover, the demand in the peak season has no performance, and the short-term copper price is mainly volatile
.

The latest China announced that copper and copper imports in August were 660,000 tons, down nearly 100,000 tons from July, but up 65% year-on-year, and imported 4.
27 million tons of copper and copper products as of August this year, an increase of 1.
2 million tons, or 38%,
over the same period last year.
Reflecting China's exceptionally strong
copper demand this year.
Large-scale imports have led to a continuous increase in current Shanghai copper inventories, while LME inventories are tight, and total inventories are at the lowest level in the same period in many years, so the current weak Shanghai copper price does not constitute the driving force
for copper prices to fall.
In addition, Chile reported a 13% year-on-year decrease in copper exports in August, reflecting a decline
in copper production.

Shanghai copper downstream procurement is generally flat, and enterprises' expectations for the peak season are weakening, but in the past two weeks, the refined waste price spread has begun to narrow, and the confidence in scrap copper prices has increased, paying attention to the import of scrap copper in September and the performance
of the refined scrap price spread.
Overall, the economic recovery momentum is strong and low inventories provide solid support, but China's terminal consumption has not yet rebounded, and copper prices may fluctuate slowly as
consumption gradually recovers.