Copper prices fluctuate in a narrow range and will remain in the adjustment range in the near future

In terms of external trading, Asian market, London copper opened at 6431.
5 US dollars / ton, the initial test of the low 6427 US dollars / ton, and then due to the performance of the US dollar fell back, and fell to the 97 mark, copper prices waiting for the opportunity to rise, copper prices have maintained stability around
6462 US dollars / ton at noon.
At the end of the Asian session, the bears closed their positions, and copper prices continued to rise until they entered the European market, and the rise slowed
down slightly.
Subsequently, after testing the height of 6507.
5 US dollars / ton, the price failed to continue to stabilize above 6500 US dollars / ton, and as of 17:20, Lun copper was reported at 6494.
5 US dollars / ton
.

In terms of the market, Shanghai copper maintained a first-line quotation
of 49,100 yuan / ton.
Copper prices are low, some downstream morning market is active inquiry, traders in the morning market also have the willingness to receive goods, holders continue to raise prices, morning market holders on flat water copper premium 40 yuan / ton, good copper premium 140 ~ 150 yuan / ton, transaction response positive, morning market transaction is acceptable, then the holder quickly raised the price to flat water copper premium 50 ~ 60 yuan / ton, good copper was pulled up to 170 ~ 180 yuan / ton, good copper transaction was suppressed, flat water copper premium 60 yuan / ton transaction also stagnated
。 The downstream active bargain buying continued to narrow the wet copper discount, and the wet copper quotation discount was 60 ~ 40 yuan / ton
.
Intraday downstream bargain replenishment is positive, but the trading atmosphere is still led by traders, the proportion of good copper sources is small, imports continue to lose sharply, and subsequent arrivals are also limited, so that the holders' quotations remain firm, and the stable promotion of demand has also promoted the rise
of premiums.
In the afternoon, due to the sharp rise in the market, it inhibited downstream buying, but some traders still continued to buy, and the active buying at high prices could slightly reduce the price of high premiums, and the holders relaxed slightly at the end of the day
.
In the afternoon, flat water copper reported a premium of 30-50 yuan / ton, a good copper report of 150-a liter of water 180 yuan / ton, and the transaction price was in the range of 49270 yuan / ton - 49430 yuan / ton
.

During the day, Shanghai copper was driven higher by the macro favorable market and peak season sentiment
.
Fundamentally, the Caixin PMI data rebounded 0.
9 percentage points to its highest value in July '18, combined with the Bureau of Statistics PMI data, showing that China's demand and manufacturing industry are warming
.
Looking at the spot market, the increase in copper premiums and more active market transactions further confirm the current increase
in copper demand.
From the current point of view, the overall preference of the market is positive, it is expected that Shanghai copper will still be in the shock adjustment range in the near future, the upper pressure level is 49600.