Shanghai copper bottomed out and rebounded, partially reducing intraday declines

In the external market, Asian Lun copper fluctuated in a narrow range around 6820 US dollars / ton, of which the 3-month London copper traded at 6831-6793 US dollars / ton, up slightly 0.
04% to 6817 US dollars / ton, and the daily closing price hit a new high
since October 28, 2014.
In terms of positions, on August 30, the position of London copper was 339,000 lots, a daily decrease of 781 lots, but recently London copper fell into a high oscillation sorting, and the position increased time, showing that long and short operations are cautious, and it is still necessary to be vigilant against the risk of
high pullback.

On the macro front, the Asian market dollar index oscillated and rebounded, partially recovering overnight losses, the market is currently focusing on the US non-farm payrolls data, Wednesday's release of the US ADP employment in August increased by 237,000, far more than expected, the largest increase in March, higher than the expected 185,000, bullish non-farm, or stimulate the dollar index to rebound
further.
In terms of industries, Mexico's copper production in June rose 8.
6% from a year earlier to 44,087 mt
.

In terms of the market, on September 1, Shanghai electrolytic copper spot traded at a discount of 30 yuan / ton - 20 yuan / ton for the monthly contract, and the transaction price of flat water copper was 52520-52580 yuan / ton
.
Entering September, copper continued to fluctuate at a high level, the holder did not hesitate to start the quotation from the premium, good copper transaction is slightly difficult, but still difficult to suppress the price, flat water copper discount 30 yuan / ton, is still cost-effective goods have a certain market purchase willingness, the transaction is obviously better than good copper
.
Copper imports have been blocked in the near future, supply may decline briefly, premiums will be sustainable, and the market is full of expectations
for consumption to warm.

During the day, the Shanghai copper 1710 contract oscillated to stabilize to 52800 yuan / ton, and for the fifth consecutive day with the reduction and contraction of positions, showing that the willingness of funds to hold positions declined, and long and short positions were reduced and left the market on the sidelines
.
And copper prices have not fallen decently after continuing to rise, and the market investment sentiment is cautious
.
In operation, it is recommended that the Shanghai copper 1710 contract maintain the oscillation idea, which can be sold high and low in the range of 52000-53200 yuan, and the stop loss is 500 yuan / ton
each.