Copper prices consolidated at a high level and oscillated around the moving average

In terms of external trading, London copper opened at 6367.
5 US dollars / ton, after the opening in the strong rise of rebar, London copper followed the domestic commodity market rose sharply, touching as high as 6430.
5 US dollars / ton, but the high attracted bulls to reduce positions, London copper quickly leaked, back to the 10-day moving average of 6336 US dollars after getting support, then London copper's center of gravity slowly moved up, around 6350 US dollars / ton around the oscillation operation, in the afternoon, bulls once again increased positions into the market, London copper was pushed up to the daily moving average near a wide range of shocks, as of 17 :30, London copper reported 6365 US dollars / ton, up 3 US dollars / ton
.

In terms of the market, the Shanghai copper was under pressure on the daily moving average consolidation, and the basis of the next month narrowed to 110~120 yuan / ton
compared with last week.
Spot premium is difficult to maintain, more than 50,000 yuan of holders actively exchange cash, morning market quotation flat water ~ premium 20 yuan / ton, little response, helpless good copper initiative to reduce to a small discount of about 10 yuan / ton, the proportion of imported copper slightly increased, some low-end imported copper actively expanded the discount to about 40 yuan / ton, dragging down other domestic and other cost-effective flat water copper together
.
The downstream of more than 50,000 yuan has no intention of taking the initiative to enter the market, and speculators are also low in their willingness to speculate because the discount range is not enough
.
In the afternoon period, the quotation is stable, although there is an inquiry but it is difficult to suppress the price, good copper discount 20 yuan / ton has a small number of transactions, overall, good copper transaction is better than flat water copper, flat water copper discount 40 yuan / ton - discount 30 yuan / ton, good copper discount 20 yuan / ton - discount 10 yuan / ton, the transaction price is 50060 yuan / ton - 50200 yuan / ton
.
The overall market showed the characteristics of oversupply on Monday
.

On the news front, U.
S.
Treasury yields climbed on Friday after data showed U.
S.
jobs rose more than expected in July and wage growth was in line with economists' expectations
.
Many analysts and investors expect the Fed to announce a $4.
5 trillion reduction in its balance sheet plan at its September meeting
.
Another rate hike by the Fed before the December meeting is expected to be unlikely
.
U.
S.
employers added more than expected jobs in July and raised wages for workers, a sign of tight labor market supply that could clear the way for the Federal Reserve to announce that it began reducing its huge balance sheet
.
LME three-month copper closed up 0.
3 percent at $
6,372 a tonne.

Intraday, Shanghai copper rushed back down, closed at a long upper shadow, from the daily technical swing indicator MACD continues to shorten, showing that copper prices in this line of sharp upward pressure is greater, Shanghai copper slightly weaker than London copper, it is expected that in the short term Shanghai copper still follows London copper high volatility, below pay attention to the support of the 10-day moving average
.