Shanghai copper continued to rebound, and the intraday trend was further higher

In the external market, Asian Lun copper continued to rebound, of which the 3-month London copper traded at 6970-6913 US dollars / ton, up 0.
44% to 6953 US dollars / ton, the highest touch of 6970 US dollars / ton, the daily closing price hit a three-year high
.
In terms of positions, on September 1, the position of London copper was 345,000 lots, an increase of 5,678 lots per day, but the recent rise rate of London copper at a high level has slowed down, and the position increases and decreases, 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 dollar index oscillated slightly and is now trading around 92.
7, showing signs of
stabilization.
In addition, China's Caixin services PMI rose to 52.
7 in August, the highest in three months, while the Caixin composite PMI rose to 52.
4 in August, the highest
in six months, driven by the dual positive manufacturing and service sectors.
In terms of industries, it is reported that the State Council Safety Committee organized 31 supervision teams to go to 31 provinces, autonomous regions and municipalities and the Xinjiang Production and Construction Corps in September to conduct comprehensive supervision of the large-scale inspection of production safety in various regions
.

In terms of the market, on September 5, Shanghai electrolytic copper spot pair of the month contract reported flat water-premium 50 yuan / ton, flat water copper trading price of 53230-53330 yuan / ton
.
The price difference of Shanghai copper in the next month widened to more than 150 yuan / ton compared with yesterday, and the morning market once expanded to around 180 yuan / ton, and the cargo holders raised the quotation to about 40 yuan / ton, attracting some arbitrageurs to enter the market, and flat water copper fully increased to 10 yuan / ton -20 yuan / ton
.
After the second trading session, the price difference narrowed to about 120 yuan / ton in the next month, and the willingness to trade was reduced, and a small number of holders took the initiative to reduce the quotation of individual flat water copper to 10 yuan / ton
of flat water - liter.
The intraday Shanghai ratio has fallen to about 7.
7, the source of imported copper is limited, and the spot premium is still expected to continue to rise
.

During the day, the Shanghai copper 1711 contract oscillated to 53740 yuan / ton, accompanied by the increase and contraction of positions, indicating that the willingness of funds to hold positions increased
.
However, in view of the recent continuous rise in copper prices, there has not been a decent correction, and after the Shanghai copper market closed, London copper fell under pressure, while black varieties fell from the high level during the day, or dragged down the long atmosphere
of the non-ferrous metal market.
Operationally, it is recommended that the Shanghai copper 1711 contract maintain the oscillation idea, which can be sold high and low in the range of 53600-52600 yuan, and the stop loss is 500 yuan / ton
each.