The main force of Shanghai copper opened high and upward, and the actual trading volume of the market showed a stalemate

Market Focus: U.
S.
President Donald Trump said China was ready to return to the negotiating table and that the two countries would begin serious talks, reiterating that the United States had multiple high-level
calls with China.
China has said it is willing to resolve its trade dispute through calm negotiations, though the Chinese Foreign Ministry said it had not heard about the weekend call between Chinese and American officials
.
From January to July, the total profit of industrial enterprises above designated size in the country was 3.
49770 billion yuan, down 1.
7% year-on-year, and the decline was 0.
7 percentage points
narrower than that from January to June.
The ICSG reported a global copper supply gap of 190,000 tonnes in the first five months of this year, with global copper mine production down 1% year-on-year and concentrate production down 0.
2%.

Spot analysis: On August 27, spot 1# electrolytic copper was quoted at 46360-46540 yuan / ton, with an average price of 46450 yuan / ton, up 395 yuan / ton
from the previous trading day.
The market continued the previous day's quotations, and the transaction clearly showed stalemate characteristics
.
The price difference between the current month's invoice and the next month's invoice is still 10-20 yuan / ton, but as the end of the month approaches, the demand for the month's invoice is fading
.
Holders showed that their willingness to hold prices remained unchanged, but the recovery of copper futures inhibited the willingness of the market to buy, and the actual transaction was
deadlocked.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 68,114 tons on Tuesday, a daily decrease of 2,153 tons; On August 23, LME copper stocks were 331925 tonnes, up 3,675 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 1910 contract were 67487 lots, minus 4573 lots per day, short positions were 88763 lots, daily minus 4654 lots, net short positions were 21276 lots, daily minus 81 lots, long and short were reduced, and net short was slightly reduced
.

On August 27, the main force of Shanghai copper 1910 opened high and upward
.
China and the United States may restart negotiations to ease some of the market's worries, coupled with upstream copper processing fees TC continue to fall, more copper prices, but Sino-US trade differences still exist, China does not succumb to the pressure of the United States, the prospects for trade negotiations are still uncertain, coupled with the increase in midstream cathode copper inventories, downstream demand performance is not good, putting copper prices under pressure
.
In terms of spot, the morning market continued the previous day's quotation, the transaction obviously showed stalemate characteristics, the willingness of holders to hold the price remained unchanged, but the recovery of copper inhibited the willingness of the market to buy, and the actual transaction showed a stalemate
.
Technically, the main 1910 contract of Shanghai copper runs above the 5-day moving average, focusing on the pressure above the 47000 position, and it is expected to run in a short-term shock
.