The main force of Shanghai copper rebounded and the enthusiasm of market trading improved

Market focus: At 2:00 a.
m.
Beijing time on Thursday, the U.
S.
Federal Open Market Committee (FOMC) will release the minutes of its July 30-31 policy meeting
.
On Monday, AtalayaMining's Proyecto Riotinto copper mine expansion project in Spain was mechanically completed, increasing annual copper production to 50,000-55,000 metal tons per year in 2020, and this year's copper production target is 45,000 metal tons per year
.
ICSG reported a monthly shortage of 62,000 mt in the global refined copper market in May 2019 and 124,000 mt in April, while China's bonded copper stocks were 110,000 mt in May and 119,000
mt in April.

Spot analysis: On August 21, spot 1# electrolytic copper was quoted at 46360-46430 yuan / ton, with an average price of 46395 yuan / ton, down 260 yuan / ton
from the previous trading day.
The morning market quotation premium 70-90 yuan / ton, ushered in a wave of positive trading, low-priced sources still attract some traders to buy, early trading is acceptable, but when entering the second trading session, it is difficult to find low-priced sources, and the transaction is not as proactive as the morning; Some downstream dip buying
is moderate.
During the day, the market transaction was significantly more active than at the beginning of the week, and the enthusiasm for trading improved, but the mainstream market transaction before the delivery of long-term orders was still dominated by traders
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 74,347 tons on Wednesday, a daily decrease of 1,336 tons; On August 20, LME copper stocks were 329,600 tons, down 525 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract are 70801 lots, minus 307 lots per day, 86221 short positions are minus 1209 lots, net short positions are 15420 lots, daily minus 902 lots, long and short are reduced, net space is reduced
.

On August 21, the main force of Shanghai copper 1910 rebounded
.
In the evening, the Federal Reserve will release the minutes of the meeting, the US dollar index is volatile, coupled with the increase in midstream copper inventories, and the continued weakness of terminal demand, putting pressure on copper prices, while the slight easing of the Sino-US trade situation has partially supported
copper prices.
In terms of spot, the morning market ushered in a wave of positive trading, low-priced sources still attracted some traders to buy, and some downstream moderate bargain buying
.
During the day, the market transaction was significantly more active than at the beginning of the week, and the enthusiasm for trading improved, but the mainstream market transaction before the delivery of long-term orders was still dominated by traders
.
Technically, the main 1910 contract of Shanghai copper runs below the moving average group, and there is a dead cross in the daily KDJ, and the short-term shock is expected to be weak
.