The main force of Shanghai copper stopped falling and rebounded, and the market transaction fell into a deadlock and tug-of-war pattern

Market focus, China's foreign trade exports from January to July were 9.
48 trillion yuan, an increase of 6.
7%, and imports were 7.
93% trillion yuan, an increase of 1.
3%; China's trade surplus in July was 310.
26 billion yuan, with an estimated surplus of 310 billion yuan
.
According to data from the General Administration of Customs, China's imports of copper ore and its concentrate in July were 2.
074 million tons, and the total import volume from January to July was 12.
621 million tons, an increase of 10.
8% from 11.
391 million tons in the same period last year; In July, 420,000 tons of unwrought copper and copper products were imported, and the total import volume from January to July was 2.
691 million tons, down 11.
7%
from 3.
048 million tons in the same period last year.
Chile's central bank said copper exports totaled $2.
639 billion in July and the country's trade deficit in July was $29 million, the country's first deficit since October 2018
, the central bank said.

Spot analysis, on August 8, spot 1# electrolytic copper quotation 46400-46560 yuan / ton, the average price of 46480 yuan / ton, up 330 yuan / ton
from the previous trading day.
The morning market continued to maintain the quotation premium of 60-100 yuan / ton, traders intend to receive goods
at low prices.
During the week, copper prices gradually recovered, but the downstream buying volume was decreasing day by day, trade activity was limited, and it was difficult for supply and demand sides to change, and the transaction was in a deadlock
.
The import window opened for profits during the week, and the market waited for imported copper to enter the market to increase, thus breaking the existing deadlock
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 67,697 tons on Thursday, a daily decrease of 1,393 tons; On August 7, LME copper stocks were 275,950 tons, down 2,025 tons
per day.

Main positions: the top 20 long positions of Shanghai copper main 1910 contract are 68848 lots, a daily increase of 2595 lots, short positions are 83663 lots, a daily decrease of 889 lots, a net short position of 14815 lots, a daily decrease of 3484 lots, more increase and short, and a decrease
in net space.

During the day, the main force of Shanghai copper 1910 stopped falling and rebounded
.
The escalation of Sino-US trade frictions and the intensification of market concerns about the economic situation have put pressure on copper prices, but the recent announcement of interest rate cuts by many countries, coupled with upstream copper processing fees TC processing fees continue to decline, and downstream copper prices have rebounded, supporting copper prices
.
In terms of spot, the morning market continued to maintain a quotation premium of 60-100 yuan / ton, traders intended to receive goods at low prices, copper prices gradually recovered during the week, but the downstream buying volume was decreasing day by day, trade activity was limited, supply and demand sides were difficult to change, and the transaction was in a deadlock and tug-of-war pattern
.
Technically, the main 1910 contract of Shanghai copper has a golden cross on the daily KDJ, and short-term volatility is expected to be strong
.
Operationally, it is recommended that the Shanghai copper 1910 contract can be long around 46,500 yuan / ton, and the stop loss is 46,000 yuan / ton
.