Shanghai copper continued to rebound and hit a new high in more than 3 and a half years

In the external market, Asian London copper oscillated and rebounded, of which 3-month London copper traded at 6642-6545 US dollars / ton, up slightly 0.
84% to 6629 US dollars / ton, and hit a new recent high, the current London copper hit a high since November 24, 2014, and its performance is basically consistent
with the trend of Shanghai copper.
Recently the growth rate of London copper's high has slowed down, accompanied by the increase and decrease of positions, indicating that long and short trading is cautious, and the high level still needs to pay attention to the risk
of pullback.

On the macro front, the Asian dollar index oscillated and rebounded, basically recovering its overnight decline, and is now trading around
93.
3.
The short-term market lacks guidance on key economic data, and the dollar index is under pressure due to the resumption of geopolitical conflicts due to the start of computer simulation military exercises in South Korea and the United States against North Korea's weapons program
.
In terms of industry, the Grasberg mine of Freeport's Indonesian division is expected to resume production
.

In terms of the market, on August 22, Shanghai electrolytic copper spot traded at a discount of 150-100 yuan / ton for the contract for the month, and the trading price of flat water copper was 51230-51470 yuan / ton
.
Copper prices completely stood at 51,000 yuan / ton, hitting a new high in three and a half years, and morning market holders slightly expanded their discount quotations from the previous day, but few responded
.
Some large traders once again sold some imported copper at low prices, and flat water copper can be as low as 180-160 yuan / ton
.
Wet copper can be as low as 240-220 yuan / ton, other holders no longer have a price advantage, the transaction is small, the supply and demand sides are once again in a tug-of-war, the downstream is seriously afraid of heights, only maintain rigid demand
.

The Shanghai copper 1710 contract rose strongly to 52190 yuan / ton, hitting a new high of more than 3 and a half years, with the operation of increasing positions and shrinking, indicating that the willingness of funds to hold positions has increased, and short-term operations have been reduced during the day, while Shanghai nickel continues to rise strongly, which is conducive to driving the sentiment
of the non-ferrous metals market.
In terms of operation, it is recommended that the Shanghai copper 1710 contract still maintain a long-term idea, which can be backed by 51200 yuan above the dip, enter the market for reference 51800 yuan, and target 53000 yuan
.