Market preference sentiment is suppressed, and the upward movement of copper prices has been hindered

In the external market, Apanlon copper opened low at $6500/ton, and maintained a narrow range
at this position until the Shanghai copper opened.
After the opening of Shanghai copper, short positions increased and pressed London copper straight down to the intraday low of 6431 US dollars / ton, but soon touched low and rose back to 6479 US dollars / ton, and then the long and short forces showed a stalemate London copper around the daily moving average sideways
.
In the afternoon session, the bears attacked again, and London copper fell to 6433 US dollars / ton, at this time, leading the short flat long, London copper rose about 45 US dollars / ton
.
Entering the European session, London copper fluctuated
around 6500 US dollars / ton.
As of 17:00, London copper closed at $6483/ton, down $62.
5/ton, down 0.
95%.

During the day, Shanghai electrolytic copper spot contract reported flat water ~ premium 30 yuan / ton, flat water copper transaction price 52050 yuan / ton ~ 52150 yuan / ton, premium copper transaction price 52070 yuan / ton ~ 52170 yuan / ton
.
Some bulls closed their positions and left the market, and the Shanghai copper high fell back to the 52,000 yuan / ton line, down about
800 yuan / ton.
Near the delivery month, speculators favor low-priced sources, morning market quotation flat water ~ premium 20 yuan / ton, the market stopped and watched, buying less, after ten o'clock, the next month price difference changes sharply, the price difference returns to positive, far month higher than near month 10 ~ 20 yuan / ton, low-price source of goods favored by the market to buy positively, after flat water copper quotation premium 10 yuan / ton, good copper quotation premium 20-30 yuan / ton; Wet copper is abundant, consumption has not improved significantly, holders of quotations are enthusiastic, quotations are lower than the previous day, from 60-70 yuan / ton discount to 90 yuan / ton
.

In the face of sharp changes in the spread, traders are cautious in trading, mainly buying on the dip, the downstream performance of the rapid rise and fall in the week is still cautious, the activity is low, tomorrow pay attention to the change of the price difference in the next month on the spot quotation guidance, within the day there have been some holders of August quotation, the basic performance is stable in flat water to premium 30 yuan / ton
.
In the afternoon, the market walked out of the V pattern of first suppressing and then rising, and the disk once fell below 52,000 yuan / ton
.
Probe the low 51900 yuan / ton of the first line, the low brought bulls into the market, the copper re-rose to 52200 yuan / ton, the low brought active inquiry, the bargain buying interest improved significantly, and the price spread performance in the next month was stable in the near weak far strong price difference of about 30 yuan / ton, the holder's quotation was firm, raised the premium, flat water copper premium 20-30 yuan / ton, good copper premium 40-50 yuan / ton, the transaction price was 51960-52220 yuan / ton
.

Shanghai copper fell during the day, mainly due to the impact
of international oil price linkage.
Saudi Arabia proposed that OPEC+ discuss cutting production from 9.
6 million b/d to 7.
7 million b/d at its July 15 meeting, and in the context of the epidemic continuing to affect the recovery of crude oil demand, concerns about supply and demand contradictions stimulated the market, and U.
S.
oil and crude oil fell within the day, dragging down copper prices
.
In addition, Sino-US relations continue to be tense, market preference sentiment has been suppressed, and copper prices have been hindered
.
Shanghai copper closed negative during the day, KDJ opening widened downward, but the bottom is still far from all moving averages, and the ascending channel has not changed
.
Wait for external guidance in the evening to test whether bulls can continue to exert strength and support copper prices to continue to rush
up.