Shanghai copper bottomed out and rebounded, cutting some of the intraday declines

In the external market, the Asian market London copper oscillation higher, of which the 3-month London copper operating range of 5993-5958 US dollars / ton, now up 0.
24% to around 5980 US dollars / ton, the lower technical support focus on 5900 US dollars / ton, the upper rebound resistance focus on 6200 US dollars / ton
.
In terms of positions, on July 18, the position of London copper was 334,000 lots, a daily decrease of 8,165 lots, and this week Lun copper reduced its positions and sorted out, showing that long and short positions were reduced and left the market, and trading was cautious
.

On the macro front, the dollar index rose slightly overnight, trading around 94.
7 this morning, close to the low set on September 6 last year, as the market questioned
Trump's ability to push for health care and various reforms.
Meanwhile, U.
S.
housing starts in June were 1.
215 million, the largest growth rate in four months, better than expected 1.
16 million tons, compared with 1.
122 million
in the previous month.

In the copper industry, the leader of a mining union in Peru said workers from 56 mining unions in the country began an indefinite national strike on Wednesday to protest the government's proposed reform plan involving labor rights, including union workers at the country's largest copper mine, because mining companies have contingency plans, so short-term production has not been significantly affected, although if the strike is extended, it will limit copper production
.

In terms of the market, on July 20, Shanghai electrolytic copper spot traded at a discount of 60 yuan / ton - 30 yuan / ton for the current month's contract, and the trading price of flat water copper was 47530-47670 yuan / ton
.
Holders are still optimistic about the future market in the short term, the Shanghai ratio is not good, the market imports of copper have decreased sharply, the quotations of holders have risen steadily, flat water copper is still favored by long-term sellers, and good copper has almost no price difference, good copper passive arch, wet copper within 100 yuan of discount, downstream still stop and watch, transactions are mostly among traders, although consumption is light, but the supply is also slightly tightened, the discount is significantly narrowed
.
Pay attention to the impact
of recent changes in the ratio on import profit and loss and supply.

During the day, the Shanghai copper 1709 contract oscillated to 47790 yuan / ton, the performance was only slightly stronger than Shanghai zinc and Shanghai nickel, the current Shanghai copper rebound pattern maintained a good pattern, and short-term attention to the progress of the Peruvian copper mine strike, it is recommended to maintain more ideas
.
In terms of operation, it is recommended that the Shanghai copper 1709 contract can be backed above 47400 yuan to bargain long, enter the market around 47700 yuan, and target 48300 yuan
.