Shanghai copper's main force pulls back at a high level, and the market has a strong price atmosphere

Market focus: China's official manufacturing purchasing managers' index (PMI) recorded 49.
5 in August, down 0.
2 percentage points from the previous month and lower than expected 49.
6; the non-manufacturing business activity index was 53.
8, up 0.
1 percentage points
from the previous month.
China and the United States imposed a new round of tariffs
on each other's imports from September 1.
Codelco expects production in the second half to be 30 percent higher than in the first half of the year, as ore tastes are expected to improve at the Chuquicamata underground mine, which produced 710,000 tonnes from its own mine in the first half of the year versus a target of 762,000 tonnes
.

Spot analysis: On September 2, spot 1# electrolytic copper was quoted at 46600-46660 yuan / ton, with an average price of 46630 yuan / ton, down 95 yuan / ton
from the previous trading day.
Entering the first trading day of September, the market is full of expectations for consumption in September, inventory is also sharply reduced, the market price atmosphere is strong, the morning market inquiry atmosphere is active, traders receive goods positively, under the guidance of traders to trade positively, there will be a Mid-Autumn Festival holiday in September, as well as the National Day long holiday, the market has certain expectations for consumption, and the characteristics of the price trend of holders are obvious
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 75,909 tons, an increase of 1,327 tons per day; On August 30, LME copper stocks were 337675 tonnes, up 1,100 tonnes
per day.
In the week ended August 30, copper cathode stocks on the Shanghai Futures Exchange were 143876 tons, down 12,697 tons
.

Main positions: the top 20 long positions of Shanghai copper main 1910 contract were 59536 lots, a daily increase of 10 lots, short positions of 75468 lots, a daily decrease of 2225 lots, a net short position of 15932 lots, a daily decrease of 2235 lots, more increase and short, and a decrease
in net space.

On September 2, the main force of Shanghai copper 1910 pulled back
to the high.
The new round of tariffs between China and the United States arrived as scheduled, the market risk sentiment fell slightly, and the macroeconomic data performance was weak, which put pressure on copper prices, but the upstream copper processing fee TC continued to decline, copper mine supply concerns remained, and demand was expected to pick up in the peak season, and downstream copper production rose, supporting copper prices
.
In terms of spot, entering the first trading day of September, the market is full of expectations for September consumption, inventories have also fallen sharply, the market price atmosphere is strong, the morning market inquiry atmosphere is active, traders receive goods positively
.
Technically, the daily MACD red column of the Shanghai copper main 1910 contract increased slightly, focusing on the pressure above the 47300 position, and it is expected to run in a short-term shock
.