The main force of Shanghai copper fluctuated downward, and the market transaction fell into a stalemate and tug-of-war pattern

Market focus, at the end of July, China's broad money (M2) balance was 191.
94 trillion yuan, a year-on-year increase of 8.
1%, and the growth rate was 0.
4 percentage points lower than the same period last year; the balance of narrow money (M1) was 55.
3 trillion yuan, an increase of 3.
1% year-on-year, and the growth rate was 1.
3 and 2 percentage points
lower than the same period last year.
In July, the year-on-year decline in automobile production and sales continued to narrow, with production and sales reaching 1.
8 million units, down 5% and 12.
1% y/y, respectively, and down 5.
4 and 5.
3 percentage points
y/y, respectively.

Spot analysis, on August 13, spot 1# electrolytic copper quotation 46520-46590 yuan / ton, the average price of 46555 yuan / ton, down 5 yuan / ton
from the previous trading day.
Spot continued the previous day's quotation premium 30-liter 70 yuan / ton, flat water copper holders quotation is still more persistent, traders intend to receive goods at a low price, but it is difficult to have room for price reduction, downstream to maintain rigid demand
.
Copper futures continue to fluctuate in the pattern, the market stops and waits, the supply is sufficient, but close to delivery, the holder's quotation is stable, the willingness to raise the price remains unchanged, and it is difficult to find a low-price source; There are differences between the supply and demand sides, and the transaction is in a deadlock
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 76,206 tons on Tuesday, an increase of 4,757 tons per day; On August 12, LME copper stocks stood at 273,350 tonnes, an increase of 1,625 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 1910 contract are 70858 lots, a daily increase of 805 lots, short positions are 83847 lots, a daily increase of 717 lots, net short positions are 12989 lots, a daily decrease of 88 lots, long and short are increased, and the net short is slightly reduced
.

On August 13, the main force of Shanghai copper 1910 fluctuated
downward.
Macro market sentiment has eased, the market focuses on the evening US July CPI data, fundamentally, upstream copper processing fee TC stopped falling flat, so that copper mine supply concerns have eased, coupled with the increase in midstream copper inventories, putting pressure on copper prices, but downstream copper prices have rebounded, forming some support
for copper prices.
In terms of spot, copper futures continue to fluctuate in a volatile pattern, the market stops and waits, the supply is sufficient, but close to delivery, the holder's quotation is stable, the willingness to raise the price remains unchanged, and it is difficult to find a low-price source; There are differences between the supply and demand sides, and the transaction is in a deadlock
.
Technically, the Shanghai copper main 1910 contract focuses on the pressure above the 47300 position, and the short-term shock is expected to be weak
.