The main force of Shanghai copper continues the pullback, and the short-term shock is expected to be weak

Market focus: At the invitation of the US side, Liao Min, Deputy Director of the Central Finance Office and Vice Minister of Finance, plans to lead a delegation to visit the United States on Wednesday this week to consult
with the US side on economic and trade issues.
The recent rise in oil prices has brought inflationary pressures to the United States, and rising inflation has lowered expectations of interest rate cuts by the Federal Reserve, which is 34% chance of leaving interest rates unchanged this time, compared to 5.
4%
a week ago.

Spot analysis: On September 17, spot 1# electrolytic copper was quoted at 47470-47540 yuan / ton, with an average price of 47505 yuan / ton, down 285 yuan / ton
per day.
On the first trading day after the change of month, the willingness of the holders to raise the price is strong, the trader wants to receive the goods at a low price, the active buying order maintains enthusiasm, good copper is difficult to have room for price reduction, the downstream continues to maintain rigid demand, wet copper is difficult to find low-price sources
.
From the perspective of market supply during the day, the supply of goods is not abundant, and it is difficult to be optimistic about the arrival of the market in the future, and traders are still willing to
replenish stocks before delivering long orders this month.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 64,065 tons on Tuesday, an increase of 555 tons per day; On 16 September, LME copper stocks stood at 301925 tonnes, up 5,300 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 1911 contract were 70867 lots, minus 974 lots per day, short positions were 77970 lots, daily minus 430 lots, net short positions were 7103 lots, a daily increase of 544 lots, long and short were reduced, and net short increased
.

On September 17, the main force of Shanghai copper 1911 continued to pullback
.
The Fed's interest rate cut expectations fell, the dollar rose, while China's industrial added value in August performed poorly, while the Sino-US trade progress market still held a wait-and-see attitude, copper prices were under overall pressure, and copper inventories have a downward trend in the near future, and downstream demand signs of recovery, forming some support
for copper.
In terms of spot, on the first trading day after the change of month, the holders' willingness to raise prices is strong, traders want to receive goods at a low price, active buying remains active, good copper is difficult to have room for price reduction, downstream continues to maintain rigid demand, wet copper is difficult to find low-priced sources
.
Technically, the daily MACD red column of the main 1911 contract of Shanghai copper is shortened, and the short-term shock is expected to be weak
.