The main force of Shanghai copper opens low and goes low, and the market transaction activity is relatively cold

Market focus: (1) The number of ADP employment in the United States increased by 330,000 in July, compared with 692,000 in the previous month, the lowest since
February.

Spot analysis: On August 5, spot 1# electrolytic copper was quoted at 69580-69760 yuan / ton, with an average price of 69670 yuan / ton, down 590 yuan / ton
daily.
The circulation supply is relatively abundant, the holders actively ship and cash, the receivers are generally enthusiastic, the downstream still maintains just need to purchase, and the transaction activity is relatively cold
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 44,766 tons, a daily decrease of 673 tons, and a decrease of 37 consecutive days; LME copper stocks were 236,100 tons, down 925 tons per day, down for four consecutive days
.

Main positions: the top 20 long positions of Shanghai copper main 2109 contract 66516, -2830, short positions 75261, -343, net positions -8745, -2487, long and short are reduced, net space increases
.

Market analysis: Fed officials recently released hawkish signals that the Fed may reduce QE faster than expected, triggering concerns about the reduction of monetary liquidity and hitting market risk sentiment
.
The supply of upstream raw materials gradually recovered, and TC prices continued to recover, but the Escondida copper mine decided to strike, causing supply concerns
.
At present, domestic smelting enterprises are in a centralized maintenance period, but under the condition of high production profits, output is expected to continue to increase
.
Recently, the delocalization of domestic copper inventories has slowed down significantly, and the spot tension has eased, putting pressure
on copper prices.
Technically, the CU2109 contract broke the 70,000 mark, and the mainstream bulls reduced their positions greatly
.