Shanghai copper bottoming out and picking up short-term or continuing a strong trend

Externally: Today's Asian Lun copper continued to rebound, for the fourth consecutive day higher, but the rise slowed down significantly, of which the 3-month London copper edged up 0.
47% to 4959 US dollars / ton, hitting a new high since April 29 this year, the current London copper effectively runs above the moving average group, the lower support focuses on 4900 US dollars / ton
.

Macro: The Asian dollar index remained high and oscillated, now trading around 96.
3, and the strength of the dollar index this week did not curb the base metals higher, but achieved the same rise, as the market looked to China to introduce economic stimulus measures
.
The market is currently focused on a series of economic data from China to be released on Friday, and the expected data is not performing well, which has triggered market expectations
that the People's Bank of China will expand monetary policy.

Market: On July 14, Shanghai electrolytic copper spot reported a discount of 80-liter water 30 yuan / ton, and the transaction price of flat water copper was 38240-38440 yuan / ton
.
On the supply side, holders have increased their shipments at high prices, taking the initiative to reduce the discount price, although the downstream is afraid of high copper prices, but forced by the demand for replenishment, a small amount of the market to buy
on demand.
Tomorrow is the last trading day before closing, and it is expected that the copper discount is completely close to the
basis.

Industry: China's unwrought copper and copper imports in June were 420,000 tons, down 2.
32% month-on-month, the third consecutive month of decline, monthly imports hit a new low level since August last year, and it also fell 2.
3% year-on-year, but China's cumulative copper imports from January to June this year were 2.
74 million tons, up 22% year-on-year, as China's power sector demand growth remained strong, making copper import demand climb.

Today's Shanghai copper 1609 contract oscillation stabilized to 38640 yuan / ton, as the macro environment of the short-term copper market improved significantly, and the market has economic stimulus expectations
for the Chinese government.
At present, Shanghai copper chooses to attack, short-term or continue the strong trend, it is recommended to actively buy at the pullback, 1609 contract can be backed above 38300 yuan, the target is 39500 yuan / ton
.