The main force of Shanghai copper rushed back down, and the market continued to perform a stalemate and tug-of-war

Market focus: The US Treasury Department issued a statement on the 5th, saying that with the support of the US president, US Treasury Secretary Mnuchin Dantian has decided to list China as a "currency manipulator"
.
This is the first time in 25 years that the United States has designated China a "currency manipulator.
"
Opponents of Southern Copper's Tia Maria project, which can produce up to 120,000 tonnes per annum
, have led to road disruptions in the Cusco area and delays in the departure of vessels at the port of Matarani.
Peru is China's second-largest importer of copper ore, importing 2.
95 million tonnes
of copper concentrate from Peru in the first half of this year.
Glencore will suspend production from late 2019 at its largest copper-cobalt mine, Mutanda, which produced nearly 200,000 tonnes of copper
last year.

Spot analysis: On August 7, spot 1# electrolytic copper was quoted at 46100-46200 yuan / ton, with an average price of 46150 yuan / ton, up 30 yuan / ton
from the previous trading day.
The market continued to show a stalemate, continuing the previous day's quotation premium of 60-100 yuan / ton, traders intend to receive goods at a low price, and the premium of 50 yuan / ton has become the target receipt price level
of traders.
Although traders are willing to receive goods at low prices, there is limited
room for price reduction.
Copper futures continued to fluctuate at a low level, the quotations of holders were stable, the willingness to raise prices remained unchanged, it was difficult to find low-priced sources, and the actual trading market conditions were still
deadlocked.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 69,090 tons on Wednesday, a daily increase of 3,528 tons; On August 6, LME copper stocks were 277975 tonnes, down 5,300 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract were 66253 lots, an increase of 1820 lots per day, short positions were 84552 lots, a daily increase of 1708 lots, net short positions were 18299 lots, a daily decrease of 112 lots, long and short positions increased, and net short was slightly reduced
.

During the day, the main force of Shanghai copper in 1910 rushed back down
.
The escalation of Sino-US trade frictions, the intensification of market concerns about the economic situation, coupled with the increase in midstream copper inventories and weak downstream demand, put pressure on copper prices, while upstream copper mine supply concerns have increased, which has supported
copper prices.
In terms of spot, the market continues to show a stalemate and tug-of-war, although traders have the willingness to receive goods at low prices, but the space for price reduction is limited, the quotation of holders is stable, the willingness to raise prices remains unchanged, it is difficult to find low-price sources, and the actual transaction market conditions are still
deadlocked.
Technically, the Shanghai copper main 1910 contract is longer and the upper shadow is growing, and the daily MACD green column is growing, and the short-term shock is expected to be weak
.