Shanghai copper fell back to the recent oscillating operating range, indicating heavier selling pressure above

In the external market, Asian Lun copper fell under pressure, of which the three-month London copper traded at 6929-6855 US dollars / ton, down 0.
79% to 6868 US dollars / ton, for the fourth consecutive day into high oscillation
.
In terms of positions, on September 5, the position of London copper was 346,000 lots, an increase of 1,596 lots per day, but the recent high rise of London copper is weak, 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 continued to fall under pressure, falling for four consecutive days, and is now trading around
92.
08.
The final Markit services PMI in August was 56, down from 56.
9 in the preliminary reading, but higher than the previous reading of 54.
7, the highest since November 2015, indicating that the services sector continues to expand
.
Pay attention to the ECB interest rate meeting, which is expected to keep interest rates unchanged
.
In terms of industry, data from the US Department of Commerce showed that the cumulative import volume from January to July this year was 479048 tons, an increase of 103528 tons or 27.
6% year-on-year, and the cumulative export of copper cathode in the same period was 38,296 tons, down 56,356 tons or 59.
5%
year-on-year.

In terms of the market, on September 7, Shanghai electrolytic copper spot contracts reported a premium of 20 yuan / ton - a premium of 70 yuan / ton, and the trading price of flat water copper was 52970-53120 yuan / ton
。 The price difference in the morning market every other month is still about 130 yuan / ton, the price of the holder is still stuck at the premium of 30-70 yuan / ton, based on the enthusiasm of the downstream of the previous day, the price of wet copper goods is less than near the flat water, but the market reaction is completely lower than the previous day, the quotation more buying order dropped significantly, around 11 o'clock, copper suddenly fell 100 yuan, the price difference narrowed to about 100 yuan / ton, the willingness of the holder to ship the value of the previous day increased, the premium fell slightly, the good copper fell to about 50 yuan / ton, wet copper can be seen a small discount quotation, However, the transaction is still not optimistic, and the downstream is cautious during the day
.

During the day, the Shanghai copper 1711 contract fell under pressure to 52790 yuan / ton, accompanied by the operation of increasing positions, indicating that short-term funds are more willing to short, mainly short dominant
.
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.
In terms of operation, it is recommended that the Shanghai copper 1711 contract turn from oscillation to short operation, which can be backed by 53,500 yuan below the high sky, enter the market for reference around 53,000 yuan, and target 52,000 yuan
.