Shanghai copper fluctuates in a narrow range and the upward pattern remains good

Externally, today's Asian Lun copper continued to rebound, for the fifth consecutive day higher, but the rise slowed down further, of which the 3-month London copper edged up 0.
13% to 4945 US dollars / ton, hitting a new high since April 29 this year, the current London copper effectively runs above the moving average group, the lower support focuses on 4900 US dollars / ton
.
This week, London copper led by increasing positions, indicating that bulls took the initiative, and copper market sentiment rose
significantly.

Macro: The Asian dollar index is weak to the downside, now trading around 96, and the strength of the dollar index this week has not dampened the base metals higher, but has achieved the same rise, as the market hopes for economic stimulus measures in China
.
China's GDP in the second quarter of China grew by 6.
7% year-on-year today, slightly stronger than expected, while new RMB loans in June amounted to 1.
38 trillion yuan, higher than expected, considering the significant decline in the growth rate of domestic urban fixed asset investment from January to June, which means that domestic monetary policy is still expected
to be accommodative.

Market: On July 15, Shanghai electrolytic copper spot 1608 contract reported a discount of 80-30 yuan / ton, and the trading price of flat water copper was 38220-38380 yuan / ton
.
In the morning, the copper newspaper discount is 30 yuan / ton, the flat water copper newspaper discount is 60 yuan / ton, speculators buy the source of goods with higher cost performance and larger discount at low prices, and downstream and traders rarely take goods, wait and wait for the market to stabilize
.
At 10 o'clock, after China's second quarter data came out, the plate rose sharply by 200 yuan / ton, and the downstream began to buy goods on demand, and the low-quality flat water copper and wet copper on the market were quickly digested, and the poor quality flat water copper and wet copper were not cared
for despite the expansion of the discount.
In addition, because the 07 contract is about to be delivered, some traders with little capital pressure actively choose not to hold the goods, waiting for the premium to rise
after delivery.

Today's Shanghai copper 1609 contract oscillation stabilized to 38,500 yuan / ton, as the macro environment of the short-term copper market improved significantly, and the market has economic stimulus expectations
for the Chinese government.
This week, Shanghai copper chose to attack, and the upward pattern maintained a good trend, short-term or continued strong trend, it is recommended to follow the trend to do long, 1609 contract can be backed above 38,000 yuan, the target is 39,500 yuan / ton
.