Market nervousness is digesting Copper prices are not volatile

In terms of external trading, London copper opened at 6227 US dollars / ton, and the beginning of the session fluctuated along the daily moving average, with an amplitude of about
30 US dollars / ton.
In the afternoon, the U.
S.
index continued to move higher above the 95 mark, copper prices came under pressure to cross the daily moving average, slightly lower to $6156 / ton, as of 17:50, London copper reported $6172 / ton
.

In terms of the market, Shanghai copper fluctuates around the range of 48500 yuan / ton, and the price difference fluctuates around 160 yuan / ton in the next month, and the market mostly quotes 1808 contracts, and mostly trades in the next month
.
The spot price for the 1808 contract is 160~120 yuan / ton, and the flat water ~ premium price for the month is 60 yuan / ton
.
Near delivery, the market is abundant, Friday downstream buying wait-and-see, flat water copper can be pressed to the contract discount of the month 10 yuan / ton to receive, wet copper goods less firm in the discount of 60 ~ 40 yuan / ton
.
Downstream maintained rigid demand, speculators pressed prices, but good copper transactions were slightly deadlocked, and the market showed a wait-and-see attitude
.
Next Monday is the last trading day of the month, and the market may fully quote
the 1808 contract.
In the afternoon, the market fell slightly, and the price spread widened the next month, reaching as high as 200 yuan / ton
.
There was no change in the afternoon quotation of the holders, and the trading was weak
as the weekend approached.

According to data compiled by Chile's copper commission Cochilco, the world's largest copper mine produced its highest production in May since June 2015
.
May production rose 4.
1% from the previous month to 113,700 mt
.
Production at Antofagasta's Los Pelambres copper mine more than doubled in May from the previous month to 32,800 tonnes after a period of blockage
in the mine's transport pipeline in April.

In terms of stocks, LME copper stocks were 262,750 tonnes as of July 12, down 2,725 tonnes from the previous day; COMEX copper stocks are 220984 tonnes; As of July 13, SSE futures inventories were 134063 tons, down 2,826 tons
from the previous session.
The previous period of stocks totaled 234,000 tons, down about 24,000 tons
from last week.

During the day, copper prices did not fluctuate greatly, hovering near the daily moving average smoothly, and market nervousness is digesting
.
Technically, the KDJ green column is longer but shows signs of
shortening.
Pay attention to the guidance of London copper, which is expected to continue to stabilize near
the daily moving average.