Shanghai copper extends rally The short-term high is around 48500

In terms of external trading, London copper opened at 5909 US dollars / ton, copper prices fell along the daily average at the beginning of the session, and then consolidated around 5890 US dollars / ton, in the afternoon with the US dollar index rose sharply to above 96, copper prices quickly leaked, probing down to 5865 US dollars / ton, LME copper stocks decreased by 2675 tons during the European session, breaking the expectation that the market copper stocks continue to grow, copper prices rebounded below the daily average, as of 17:10, London copper reported 5883 US dollars / ton
.
During the day, London copper continued to pullback, the US index rose to suppress copper prices, the current London copper suspended between the 5, 10-day moving average is easy to fall and difficult to rise, is expected to be short-term to pullback
.

On the news front, U.
S.
Treasury yields rose on Monday, with two-year Treasury yields hitting their highest in more than eight years after U.
S.
manufacturing data boosted expectations that the Federal Reserve would raise interest rates again this year, while other central banks tightened
monetary policy direction.
The expansion in manufacturing, coupled with hawkish speeches from the governors of the European Central Bank and the Bank of England last week, pushed Treasury yields
higher.
Manufacturing accounts for about 12 percent
of overall U.
S.
economic activity.
The dollar posted its worst quarterly performance since 2010 in the second quarter, as overseas central banks signaled they were considering whether to start tapering monetary stimulus in response to signs of economic improvement
.
LME three-month copper closed down 0.
1 percent at $
5,930 a tonne.

In terms of the market, the high level of Shanghai copper fell back, the morning market holders are based on yesterday afternoon quotations to further narrow the discount, flat water copper quotation discount of about 50 yuan / ton, wet copper discount of about 100 yuan / ton, good copper discount of about 30 yuan / ton, early in the morning ushered in a round of traders active receipt tide, then the plate fell rapidly, holders narrowed the discount willingness is stronger, the second trading session, good copper has reported a discount of 10 yuan / ton, flat water copper discount 40 ~ 30 yuan / ton, the transaction is active, difficult to find wet copper traces, Holders are
willing to sell and raise prices.
On Tuesday, the market continued to continue the positive atmosphere of trader receipts, with trade speculators dominating and overall market conditions remaining warm
.
In the afternoon session, the market leaked rapidly, the sentiment of holders was strong, and the market supply decreased
.

During the day, the main 1708 contract of Shanghai copper continued to rebound, the tail market closed at 47500, the rebound broke through 46500 after continuing to go long, the current trend, continue to maintain the rebound, short-term high around 48500
.
Therefore, those who have no positions continue to go long, and those who have long positions continue to hold
.