Shanghai copper fell under pressure after low consolidation, and the short-term weak market may continue

In terms of external trading, London copper opened at 4630 US dollars / ton, the Asian session of China's two markets opened sharply lower, crude oil fell to around 45 US dollars / barrel, surrounding metals generally dived, after the opening of London copper briefly stayed near the daily moving average, bears sharply into the market to suppress, copper prices straight down, quickly fell below the 4600 US dollars / ton integer mark, tested down 4591 US dollars, under the short liquidation, copper prices low back up, but near the daily moving average blocked pressure continued to slowly decline, into the European session, European stocks fell, LME copper stocks increased by 3600 tons, bears made a comeback, copper prices went to the next level, the low touched 4582 US dollars / ton, the low once again stimulated the outflow of short profit orders, copper prices recovered, as of 17:00, London copper reported 4607 US dollars / ton
.

On the supply side, Congo's copper production in the first half of this year fell by 4.
5% year-on-year to 489207 tons, of which copper production in the second quarter increased by 9.
56% year-on-year to 270,000 tons, mainly from the Tenke Fungurume copper mine under Freeport and the Kinsevere copper mine
under Minmetals Resources.
The country expects copper production of 978,000 tons this year, which is estimated to be 489,000 tons in the second half of the year, which will still be an increase of 1.
26%
compared with the second half of last year.
In addition, Salvador copper miners under Chile's national copper industry accepted salary terms and stopped a five-day strike, and the mine's annual gold production is expected to be 63,000 tons
.
Anglo American Los Bronces copper miners have been on strike for three days, and the mine produced 402,000 tonnes
of copper last year.

In terms of the market, Shanghai copper fell sharply by more than 300 yuan / ton, the decline in the far month was large, the basis narrowed in the next month, and the copper premium fell
slightly.
In just three trading days this week, the downstream stocking that holders were looking forward to showed up, while traders were enthusiastic about buying on the dip
.
The opening good copper reported a premium of 100 yuan / ton, flat water copper reported 70 yuan / ton, the transaction inquiry was active, but with the plate diving around 9:20, downstream demand instantly entered the wait-and-see, and the cargo holders also took the initiative to reduce the good copper premium to 90 yuan / ton due to the willingness to exchange cash before the holiday, and the low-end flat water copper quotation fell to 60 yuan / ton
.
Encouraged by this, the transaction was active again under the willingness to stock, and after the low-priced flat water copper was quickly digested, the quotation returned to the level at the opening, and even the flat water copper was traded at 80 yuan / ton
due to the low quotation.
This week is a short week of trading, and subsequent imports may continue to flow, so the strength and sustainability of copper premium needs attention
.
In the afternoon, the center of gravity of copper prices sank, downstream buying continued to bargain absorb, holders quoted a slight rise to 80-110 yuan / ton, the transaction price was at 36340-36440 yuan / ton, the peak season is expected to support the price
.

Overall, copper prices fell under pressure after the low round number, close to the support line of this year's consolidation range, paying attention to the effectiveness of the price resistance, and continuing to weaken copper prices
.