Market panic has been realized to a certain extent, and Shanghai copper will most likely stop falling and stabilize

In the external market, London copper opened at 6119 US dollars / ton, rising slightly to 6089.
5 US dollars / ton at the beginning of the session and then fluctuated downward, the US dollar rose in a straight line, and London copper accelerated to a low of 6007.
5 US dollars / ton
.
Then from the fall to rise, the dollar weakened, London copper rose slightly to 6050 US dollars / ton, after a short consolidation, again charged straight up, touched 6152.
5 US dollars / ton, as of 18:00, London copper reported 6106 US dollars / ton, the dollar index was 95.
067, and US crude oil was 68.
69
.
The dollar weakened slightly in the afternoon, boosting copper back above $6,100/mt
.

In terms of the market, overnight London copper plummeted, almost 6,000 US dollars / ton integer mark repeatedly, Shanghai copper resisted the decline, offshore RMB depreciation broke through the 6.
80 mark, as low as 6.
8365, the Shanghai ratio climbed to around 7.
98, import losses narrowed to about 200 yuan / ton, the next month price difference also narrowed to around 70 yuan / ton, it is difficult for holders to top the premium, although the quotation is very good copper premium 40 ~ 50 yuan / ton, but traders are not happy to buy good copper transactions, flat water copper flat water ~ liter 10 yuan / ton, The downstream continued to maintain an appropriate amount of replenishment for flat water copper bargaining, and the downstream consumer buying transaction was slightly better than that of traders, and the price of wet copper was 50 yuan / ton at a discount, and there was almost no room for loosening the spread
.
Copper is shrouded in a bearish atmosphere, with a small amount of speculation relying on the willingness to buy and sell, and some traders who replenish long orders are forced to do so
.
Although the import loss has narrowed in recent days, the current customs clearance and market supply is still limited, and the stalemate pattern may continue
.
In the afternoon, the market rose sharply, the holders continued to raise prices, the receiver still had no willingness to buy, the transaction was light, the quotation of flat water copper did not change much, reported flat water to 10 yuan / ton, good copper in order to seek the transaction quotation slightly lowered to 20 yuan / ton ~ 30 yuan / ton, the afternoon transaction price was 48540 yuan / ton ~ 48620 yuan / ton
.

In terms of stocks, LME copper stocks were 256475 tonnes as of July 19, down 875 tonnes from the previous day; As of July 20, SSE futures inventories were 109615 tons, down 9,739 tons
from the previous session.
Stocks in the previous period were 211319 tonnes this week, down 23,377 tonnes
from last week.

Industry news, according to data from the General Administration of Customs, China's scrap copper imports in May were 210,000 tons, a year-on-year decrease of 33.
3%, an increase of 16.
67% month-on-month, and the cumulative amount of scrap copper imports from January to May was 950,000 tons, a cumulative decline of 37.
4%
year-on-year.
The General Administration of Customs of China has implemented risk early warning and supervision measures for the import of waste raw materials from the United States since May 4, considering the shipping schedule from the United States to China around January, which is expected to have a certain impact
on copper scrap imports in June.

At present, copper prices have fallen sharply under the dominance of macro bearishness, and the market panic has been cashed in to a certain extent, and the later copper price decline space may be limited
.
From a fundamental point of view, labor disputes in many copper mines in Chile, the danger of strikes, coupled with the continuous and significant decline of copper inventories at home and abroad, has formed a certain anti-fall support
for copper prices.
Copper prices will probably stop falling and stabilize, but whether it can show a rebound market, it is necessary to observe the change in market sentiment and the recovery of confidence, if the focus of the market can shift more to the positive news of the fundamentals, copper prices may have a rebound market
.
In terms of operation, it is recommended to wait and see for the time being, and choose the opportunity to bottom out after stabilizing
.
FYI
.