The main force of Shanghai copper is weak, and the overall trading performance of the market is light

Market focus: (1) The preliminary value of the University of Michigan consumer confidence index in August was 70.
2, the lowest level since 2011, the previous value was 81.
2, and the expectation was 81.
2
.
(2) The National Bureau of Statistics released economic data for July on Monday, showing that the data for the month fell across the board and was lower than market expectations, mainly due to the short-term impact of extreme weather and the spread of the epidemic
.
Market participants expect that the national epidemic will continue to be repeated from multiple sources and points in August, the prevention and control work will continue to be tightened, and the economic data in August will most likely be suppressed
by the epidemic.

Spot analysis: SMM spot 1# electrolytic copper quotation 70100-70580 yuan / ton, the average price is 70340 yuan / ton, a daily increase of 110 yuan / ton
.
Shippers are generally enthusiastic, downstream fears heights to stop and watch, still maintains bargain hunting, and the overall trading performance is light
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts during the day was 36,052 tons, a daily decrease of 1,869 tons; LME copper stocks were 235,550 tonnes, down 100 tonnes
per day.

Main positions: Shanghai copper main 2109 contract top 20 long positions 73204, +2789, short positions 83600, +2290, net short positions 10396, -2238, long and short increase, net short reduction
.

Market analysis: The US dollar hit its low level since last week as consumer confidence fell sharply in early August, raising concerns about slowing economic activity and hitting market expectations of an early tightening by the US Federal Reserve
.
On the supply side, the supply of upstream raw materials gradually recovered, and TC prices continued to rise
.
The Escondida workers' union voted to accept the new wage proposal, easing fears of
a shortage of copper supplies.
However, the current domestic main production area power rationing policy continues to increase, domestic electrolytic copper production is expected to be less than expected, superimposed on the decline in the amount of domestic imported copper, the overall supply level has declined, and the refined waste price spread is tight, domestic consumption is not light in the off-season, forming a strong support
for copper prices.
In the short term, the overall center of gravity of copper prices is expected to rise
.
In the short term
, pay attention to the impact of macro sentiment on copper prices.