Copper demand expectations continue to be optimistic, boosting confidence in the copper market

In the external market, London copper opened high at 6247 US dollars / ton, maintaining a volatile upward trend
during the day.
After the opening of Shanghai copper, long buying entered the market to lift copper prices up about $30 / ton, and then London copper broke through $6300 / ton, oscillating upward to $6330 / ton, long and short in the range of 6310-6330 US dollars hovering consolidation, into the European session, early London copper briefly gave up gains, pullback to around 6295 US dollars / ton, but bulls dominated London copper rose again, climbing the intraday high of 6360 US dollars / ton
.
As of 17:00, London copper closed at 6352.
5 US dollars / ton, up 116.
5 US dollars / ton, up 1.
87%.

In terms of the market, the spot price of Shanghai electrolytic copper in Shanghai during the month was reported at 40 yuan / ton of flat water ~ liter, the transaction price of flat water copper was 50440 yuan / ton ~ 50700 yuan / ton, and the transaction price of premium copper was 50450 yuan / ton ~ 50720 yuan / ton
.
A-shares continued to rise, the epidemic in South America expanded mine production and shipment delay news frequently, the bullish atmosphere pushed copper prices step by step, Shanghai copper broke through the 50,000 mark to 50,700 yuan / ton, up more than 700 yuan / ton
。 The price difference in the morning market once narrowed to flat, the holder raised the quotation of good copper premium 60-70 yuan / ton, flat water copper quotation premium 50 yuan / ton, but the market is afraid of heights, are stopped and watched, the holders show a significant high level of willingness to cash out, in the case of no results, good copper took the lead in opening the reduction mode, the premium first fell to about 40 yuan / ton, flat water copper holders in order to seek transactions all the way down, adjusted to 20 ~ 30 premiums can have some transactions; Entering the second trading stage, the market can not resist the speed of traders who want to quickly become an exchange cash, and the flat water copper is reduced to flat water, the transaction is difficult, wet copper is as low as 100 yuan / ton of discount, lack of attention, most of them have room
for price reduction.

Copper prices are rising, the downstream remains on the sidelines, the price difference between the next month of the day narrows significantly, the holders are entangled, close to delivery, the contradiction between cash exchange and the willingness to rise to the water, traders are also difficult to do, and the spot transaction under the high copper price lacks support and cooperation
.
In the afternoon, Shanghai copper continued to slowly push up, the market maintained a cautious wait-and-see situation, the holder after a day of downward adjustment, the quotation has been in the Pingshui line, the holder temporarily refused to discount the transaction, the quotation continued in Pingshui copper flat water - 10 yuan / ton, good copper premium 10-20 yuan / ton, the transaction price has been raised to 50680-50780 yuan
.

Shanghai copper extended its rally during the day, mainly due to continued macroeconomic optimism
.
Within the day, the National Bureau of Statistics announced that China's national CPI in June rose 2.
5% year-on-year and decreased 0.
1% month-on-month; PPI decreased 3.
0% y/y and rose 0.
4%
qoq.
The decline in PPI narrowed, indicating that domestic and foreign demand continued to warm up, domestic infrastructure and manufacturing demand gradually recovered, and the market's expectations for copper demand continued to be optimistic, boosting market confidence and supporting copper prices
.
Shanghai copper has closed the sun for 3 consecutive days, the MACD red column continues to expand, and the lower jump is far away from multiple moving averages, and the technical picture is bullish copper prices
.
Wait for the guidance of the external disk to test whether the bulls can continue to exert force and hit the 51,000 yuan / ton mark
upward.