Shanghai copper's main force bottomed out and rebounded, and the market risk aversion is still strong

Market focus: On Friday, the United States announced tariffs
on $550 billion of Chinese imports.
China decided to impose tariffs on about $75 billion of imports originating in the United States, as well as reinstating tariffs
on automobiles and parts originating in the United States.
Vice Premier Liu He said at the 2019 Chongqing Wisdom Expo: "We are willing to solve problems through consultation and cooperation with a calm attitude, and resolutely oppose the escalation of the
trade war.
" According to data from the General Administration of Customs, China's imports of refined copper cathodes fell 8% in July from a year earlier to 292201 tons, up 38%
from the previous month.

Spot analysis: On August 26, spot 1# electrolytic copper was quoted at 45990-46120 yuan / ton, with an average price of 46055 yuan / ton, down 245 yuan / ton
from the previous trading day.
The intraday and domestic markets are closed due to bank holidays, the domestic Shanghai copper performance resisted the decline, the morning low after gradually recovered the decline, the afternoon market has returned to 46,000 yuan / ton line, but the market risk aversion is still strong, downstream enterprises are afraid of falling, only a moderate amount of bargain replenishment, and traders in the face of high premiums continue to be difficult to buy cash selling period operation, so although the intraday market inquiry atmosphere is lively, but the actual trading activity is still limited
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 70,267 tons, a daily decrease of 1,049 tons; On August 23, LME copper stocks were 331925 tonnes, up 3,675 tonnes
per day.
In the week ended August 23, the stock of copper cathode on the Shanghai Futures Exchange was 156573 tons, down 6,257 tons
per week.

Main positions: the top 20 long positions of Shanghai copper main 1910 contract are 72060 lots, with a daily increase of 2907 lots, short positions of 93417 lots, a daily increase of 5879 lots, net short positions of 21357 lots, a daily increase of 2972 lots, long and short increases, and net short increases
.

On August 26, the main force of Shanghai copper 1910 bottomed out
.
Sino-US trade frictions have intensified again, market pessimism has risen, while midstream copper inventories have increased, and downstream demand has weakened, putting pressure on copper prices, while the US dollar has fallen, and China's opposition to the escalation of the trade war has supported copper prices
.
In terms of spot, the external market is closed due to bank holidays, domestic Shanghai copper performance resisted the decline, and gradually recovered the decline after testing the low in the morning, and the afternoon market has returned to the line of 46,000 yuan / ton, but the market risk aversion is still strong, downstream enterprises are afraid of falling, and only an appropriate amount of bargain replenishment
.
Technically, the trading volume of the main 1910 contract of Shanghai copper has increased significantly, and the daily MACD green bar has grown, and short-term volatility is expected to be weak
.