The main force of Shanghai copper fell sharply, and the fundamental support was temporarily limited

Market focus: (1) The minutes of the Fed's July meeting show that the Fed may reach the threshold
of tapering bond purchases this year.
Most participants noted that it might be appropriate to start slowing the pace of asset purchases this year if the economy develops as they expect, adding that the economy has hit its inflation target and is "close to satisfied"
with the progress of job growth.
(2) According to the latest report of the World Bureau of Metal Statistics, the global copper market supply shortage was 222,000 tons from January to June 2021, while the global copper market supply shortage from January to April 2021 was 46,000 tons
.

Spot analysis: SMM spot 1# electrolytic copper quotation 67480-67960 yuan / ton, the average price is 67720 yuan / ton, down 1480 yuan / ton
daily.
Changjiang Nonferrous Metal Network reported that the cargo holders were more active in shipments, the downstream was on the sidelines, the receiver purchased on demand, and the overall transaction performance atmosphere was average
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 38,251 tons, a daily decrease of 225 tons; LME copper stocks were 245125 t, unchanged
from the previous session.

Main positions: the top 20 long positions of Shanghai copper main 2109 contract 67806, -417, short positions 73265, -3969, net short positions 5459, -905, long and short and net short are reduced
.

Judgment: Fed minutes hinted at Fed officials at the July meeting that they could slow the pace of monthly bond purchases by the end of the year, adding that the economy had reached its inflation target and was "close to satisfied"
with progress in job growth.
Pay attention to the number of initial jobless claims in the United States for the week ended August 14 and the number of
renewed jobless claims in the United States for the week ended August 7.
Fundamentals, copper concentrate spot processing fees have rebounded continuously, and the tight supply and demand have gradually eased
.
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, short-term copper prices may continue to maintain a weak trend of volatility, and the fundamental support is temporarily limited
.