Shanghai copper faces technical rebound demand, short-term upward willingness climbs

In terms of external trading, Asia Lun copper fluctuated in a narrow range around 6250 US dollars / ton, trading range of 6302-6241 US dollars / ton, of which as of 15:55 Beijing time, the 3-month London copper was reported at 6252 US dollars / ton, down 0.
16% per day, up 4.
43%
from the low of 5988 US dollars / ton in this round of correction.
In terms of positions, as of July 23, the position of London copper was 312,000, a daily decrease of 21 lots, and the recent rise in London copper reduction positions shows that bears actively took profits on
dips.

In terms of the market, on July 25, Shanghai electrolytic copper spot reported a discount of 50 yuan / ton - 20 yuan / ton for the monthly contract, and the transaction price of flat water copper was 49820 yuan / ton - 49920 yuan / ton
。 Morning Shanghai copper pressure 50,000 yuan / ton, the market is afraid of heights, the source of goods continues to flow out, the willingness of holders to exchange cash is high, the morning market monthly ticket quotation good copper flat water - premium 20 yuan / ton, flat water copper quotation discount about 30 yuan / ton, the transaction is weak, the holder took the initiative to lower the quotation, the monthly ticket has shown a full discount, good copper discount about 20 yuan / ton, flat water copper discount about 40 yuan / ton, downstream is mostly to complete the monthly long order volume, wet copper stalemate at the discount 90-80 yuan / ton, Intraday market transactions still revolve around the demand for notes of the month, most of the holders have carried out the next month ticket transaction, and the price difference with the current month's ticket price is about 30 yuan / ton, the next month's ticket good copper discount 30-10 yuan / ton, the next month's ticket flat water copper discount 70-50 yuan / ton
.
Copper prices have rebounded nearly 50,000 yuan / ton, the supply of goods continues to increase, and near the end of the month, the market buying interest is declining day by day, the state of oversupply is again revealed, spot or will be fully discounted, there is a further expansion of the discount trend
.

On the macro front, the Asian dollar index fluctuated in a narrow range around 94.
5 and is now trading at 94.
55
.
The preliminary Markit manufacturing PMI in the United States came in at 55.
5 in July, slightly higher than the previous reading of 55.
4, and the market expected 55.
1
.
In addition, Germany's IFO business climate index came in at 101.
7 in July, slightly higher than the expected 101.
5
.
The market is now focused on Friday's second-quarter U.
S.
GDP, which is expected to grow as much as 4 percent
in the second quarter.

In terms of the industry, it is reported that the operator of the Escondida copper mine in Chile, the world's largest copper mine, said on Tuesday that it had submitted a final salary contract proposal to union representatives during negotiations, including a signing fee increase and a 1.
5% salary increase, but the proposal was far from the union's previous demand for a 5% salary increase and a $40,000 bonus per person, and the market still expects
a strike on the copper mine.

During the day, the Shanghai copper 1809 contract rebounded to 49910 yuan / ton, as the Chinese government will use fiscal and financial joint efforts
.
At the same time, after copper prices continue to fall, it is still facing the demand for technical rebound, and it is recommended that the Shanghai copper 1809 contract can sell high and low between 49500-50200 yuan / ton, and the stop loss is 450 yuan / ton
each.