Macro sentiment favors optimism Shanghai copper volatility higher

In the external market, Apanlun copper opened at 5902 US dollars / ton, after the opening London copper fell slightly to 5896.
5 US dollars / ton, and then oscillated upward to test the intraday high of 5920 US dollars / ton, the center of gravity stabilized at 5910 US dollars / ton
.
Entering the European session, bears poured in to suppress copper prices, and the market quickly fell to test the intraday low of 5859.
5 US dollars / ton, and then bottomed out and rebounded London copper rose
slightly.
As of 17:00, London copper closed at 5875 US dollars / ton, down 36 US dollars / ton, or 0.
61%.

Last night, the United States announced that the Markit manufacturing industry in June was higher than the previous value, showing positive signs of economic recovery, boosting market risk appetite and supporting copper prices to run high
.
However, the market expects U.
S.
EIA inventories to continue to increase, and long and short positions increase pressure oil prices downward, dragging copper prices down
.

In terms of the market, there is demand for the monthly notes on the last day before the holiday, the focus of the intraday market revolves around the bills, the holders holding the monthly tickets are still strong in price sentiment, the market opens to continue the previous day's quotation premium 170 ~ premium 190 yuan / ton, the price pressure space is small, the willingness to raise the price remains unchanged, the market continues to have demand for tickets, the holder's quotation can only be fine-tuned, good copper concentrated transaction around 180 yuan / ton, flat water copper mostly around the premium 170 ~ 180 yuan / ton, wet copper source market concentrated transaction at premium 80 ~ The premium is 100 yuan / ton
.
The performance of the next month's ticket is quite divergent, most of the quotations are concentrated in flat water copper premium 130 ~ 140 yuan / ton, good copper premium 160 yuan / ton, wet copper can be as low as 50 yuan / ton, but for this quotation market transaction is difficult to have activity, traders for the next month's ticket expectation price is lower
.
Most of the transactions in the day still revolve around the demand for the monthly ticket, and the activity of trade speculation is acceptable, and when the monthly ticket gradually comes to an end after the holiday, the transaction activity of the next monthly ticket can be effectively improved
.
In the afternoon, the market has gradually entered the festive atmosphere, trading has decreased, the source quotation with the monthly ticket is more high, flat water copper has been in the premium of 180-190 yuan / ton, good copper high report is strong at the premium of 190-200 yuan / ton, the transaction price is 48140-48200 yuan / ton
.

The center of gravity of Shanghai copper rose during the day, mainly due to the impact
of international oil price linkage.
Affected by the further improvement of the contradiction between supply and demand of crude oil, U.
S.
oil and crude oil rose, and macro sentiment was optimistic
.
Coupled with the continued easing of the global macroeconomic environment, market risk appetite has recovered, helping copper prices rise
.
From a fundamental point of view, domestic inventories continue to decline
.
According to SMM, the social inventory on Wednesday fell by 17,900 tons to 162,000 tons
.
Copper supply continues to be tight, and domestic demand can also support the high operation of copper prices
.
Shanghai copper closed negative during the day, KDJ opening continued to expand upward, and there are still multiple moving averages below support
.
Wait for the guidance of the external market, test whether Shanghai copper can continue to rise, sprint to the 48000 mark
.